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At the Bank of Canada, we’re pleased to offer awards for research papers by students and by staff.

Quarterly Financial Report - Third Quarter 2020 - For the period ended September 30, 2020

The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.

Quarterly Financial Report - Second Quarter 2021 - For the period ended June 30, 2021

Read a message from Governor Macklem and learn more about our planning framework and how we will put our strategic plan into action.

I develop a method for Bayesian estimation of globally solved, non-linear macroeconomic models. The method uses a mixture density network to approximate the initial state distribution. The mixture density network results in more reliable posterior inference compared with the case when the initial states are set to their steady-state values.

Quarterly Financial Report - Third Quarter 2016 - For the period ended 30 September 2016

Quarterly Financial Report - Second Quarter 2016 - For the period ended 30 June 2016

In addition to its primary role as the country's central bank, the Bank of Canada also acts as the federal government's banker and financial adviser. One of the activities associated with this role as fiscal agent is managing the government's Canadian dollar balances. This function is examined in this article. The main priority is to ensure that the government has sufficient cash to meet its daily needs. This requires careful forecasting and monitoring of the government's daily receipt and expenditure flows, as well as an ongoing borrowing program to refinance maturing debt and to replenish the balances during periods when outflows, on average, exceed inflows. The cost of borrowing to raise cash balances for the government is considerably higher than the interest earned on any balances that are available "on demand." To reduce this net cost, balances in excess of those required for daily needs are invested in "term" deposits that earn a higher rate of interest than that earned on the demand balances. The net cost of holding government balances has also been reduced through the use of cash management bills, which are flexible, short-term borrowing instruments that complement the government's regular weekly issues of 3-, 6- and 12-month treasury bills.

As part of the regular management of the Bank of Canada’s (Bank) balance sheet, the Bank acquires assets to offset its liabilities, which consists mainly of bank notes in circulation and government deposits.