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When the realities of the COVID-19 pandemic became clear, the Bank moved quickly to adapt its internal operations and support business continuity in our financial system.

When the COVID-19 pandemic hit Canada, the Bank of Canada acted quickly. We needed to make sure the financial system worked well enough that credit could continue to flow. That meant addressing shortages of liquidity in financial markets—the backbone for lending and borrowing in the economy.

Here’s what determines the interest rate on your mortgage—and why that rate can go up and down.

In the days and weeks since the COVID-19 pandemic came to Canada, the Bank of Canada has been taking action to ensure our economy and financial system are weathering the unprecedented shock of the shutdown.

Quarterly Financial Report - First Quarter 2020 - For the period ended March 31, 2020

This issue of the Financial System Review focuses on the impact of COVID 19. The pandemic presents an unprecedented shock to the Canadian economy. This report identifies the effects on the Canadian financial system and explains how recent actions by the Bank and other policy-makers are helping to manage them. It further describes how a resilient financial system can help households and businesses smooth the effects of the COVID-19 shock and prepare for a robust recovery.

This issue of the Financial System Review focuses on the impact of COVID 19. The pandemic presents an unprecedented shock to the Canadian economy. This report identifies the effects on the Canadian financial system and explains how recent actions by the Bank and other policy-makers are helping to manage them. It further describes how a resilient financial system can help households and businesses smooth the effects of the COVID-19 shock and prepare for a robust recovery.

The Annual Report outlines the Bank’s activities and achievements in 2019. It includes the financial statements and a message from Governor Stephen S. Poloz.

Canada’s economy faces two significant shocks—the plunge in global oil prices and the impact of the COVID-19 pandemic.

Results from the spring Business Outlook Survey suggest that business sentiment had softened in most regions even before concerns around COVID‑19 intensified in Canada. Confidence deteriorated the most among firms in energy-producing regions.