December 16, 2025 Good money and your central bank Remarks Tiff Macklem The Chamber of Commerce of Metropolitan Montreal Montréal, Quebec Governor Tiff Macklem discusses the Bank of Canada’s role in ensuring the stability of money in all its forms, from currency to digital payments. He also outlines how keeping inflation low and stable ensures Canadian money retains its purchasing power. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Bank notes, Cryptoassets, Cryptocurrencies, Digital currencies and fintech, Financial institutions, Financial services, Financial system regulation and policies, Monetary policy framework, Payment clearing and settlement systems, Retail payments supervision
December 16, 2025 Money you can count on Speech summary Tiff Macklem The Chamber of Commerce of Metropolitan Montreal Montréal, Quebec Governor Tiff Macklem discusses the Bank of Canada’s role in ensuring Canadians can trust their money in all its forms. Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Bank notes, Cryptoassets, Cryptocurrencies, Digital currencies and fintech, Financial institutions, Financial services, Financial system regulation and policies, Monetary policy framework, Payment clearing and settlement systems, Retail payments supervision
Dynamic Consumer Cash Inventory Model Staff Working Paper 2025-22 Kim Huynh, Oleksandr Shcherbakov, André Stenzel We study consumer cash inventory behavior by developing a dynamic model of forward-looking consumers and estimating structural parameters of the model using detailed consumer survey data. Consumers facing holding and withdrawal costs solve a discrete-time continuous-control dynamic programming problem to optimally use cash at the point of sale. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods, Financial services JEL Code(s): D, D1, D12, D14, E, E4, E41, E42, G, G2, G21
2024 Methods-of-Payment Survey Report: Cash in an Era of Alternatives Staff Discussion Paper 2025-12 Marie-Hélène Felt, Anna Chernesky, Angelika Welte We present core findings from the 2024 Methods-of-Payment Survey, highlighting results from both the survey questionnaire and three-day shopping diary. Although cash holdings have increased in nominal terms, we find that cash usage remains unchanged since 2020. Mobile and other alternative payment methods continue to grow in importance. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Digital currencies and fintech, Financial services JEL Code(s): D, D8, D83, E, E4, E41
Correcting Selection Bias in a Non-Probability Two-Phase Payment Survey Staff Working Paper 2025-17 Heng Chen, John Tsang We develop statistical inferences for a non-probability two-phase survey sample when relevant auxiliary information is available from a probability survey sample. The proposed method is assessed by simulation studies and used to analyze a non-probability two phase payment survey. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Econometric and statistical methods JEL Code(s): C, C8, C83
Incorporating Trip-Chaining to Measuring Canadians’ Access to Cash Staff Working Paper 2025-16 Heng Chen, Hongyu Xiao Our paper employs smartphone data to construct an improved cash access metric by accounting for both spatial agglomeration and households’ travel patterns. We find that incorporating trip-chaining into the travel metric could show that travel costs are from 15 to 25% less than not incorporating trip-chaining and that the biggest decrease is driven by rural residents. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Financial services, Regional economic developments JEL Code(s): D, D1, D12, O, O1, O18, R, R2, R22, R4, R41
Canadians’ access to cash in 2023 Staff Analytical Note 2025-13 Heng Chen, Hongyu Xiao, Daneal O’Habib, Stephen Wild This study updates our measure of Canadians' access to cash through automated banking machines and financial institution branches. We find that in 2023 overall access to cash remains stable, while rural Canadians continue having less access. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Bank notes, Financial services, Regional economic developments JEL Code(s): J, J1, J15, O, O1, R, R5, R51
Low Response Rate from Merchants? Sample and Ask Consumers! An Application of Indirect Sampling Under a Consumer-Merchant Bipartite Network Technical Report No. 126 Heng Chen, Joy Wu Under the consumer-merchant bipartite network, we apply the indirect sampling approach to estimate merchant payment acceptance through a consumer payment diary. Content Type(s): Staff research, Technical reports Research Topic(s): Bank notes, Econometric and statistical methods JEL Code(s): C, C8, C80, C83, E, E5
Canadian Bitcoin Ownership in 2023: Key Takeaways Staff Discussion Paper 2025-4 Daniela Balutel, Marie-Hélène Felt, Doina Rusu The Bitcoin Omnibus Survey is an important tool for monitoring Canadians’ awareness and ownership of bitcoin and other cryptoassets over time. In this paper, we present data highlights from the 2023 survey. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C8, C81, E, E4, O, O5, O51
Tech Reluctance: Fostering Empathy for Canadians Facing Challenges with Digital Systems Staff Discussion Paper 2025-2 Sebastian Hernandez, Helena Wang, Badr Omrane, Vera Roberts, David Pereyra We find that individuals who require help performing banking tasks or who are reluctant to adopt technology avoid digital payment systems they expect to lack usability. Addressing these issues through standard accessibility practices, live assistance and thoughtful interface design can enhance user interaction and trust. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Accessibility, Bank notes, Central bank research, Digital currencies and fintech, Digitalization, Financial services JEL Code(s): A, A1, A14, C, C9, C90, D, D8, D83, O, O3, O33, Y, Y8, Y80