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A higher-than-usual demand for cash put pressure on bank note inventories and the Bank’s operations centres. Navigating these pressures required agility and innovation.

In response to the COVID-19 crisis, the Bank designed and launched a suite of liquidity facilities and asset purchase programs. These tools were integral in restoring market functioning and in keeping credit flowing to the economy.

The Bank found creative ways to connect with Canadians online. It successfully adapted its speeches, conferences and educational activities—including the Bank of Canada Museum—to a virtual format.

Climate change poses risks to the economy and financial system, threatening the ability of central banks to achieve their mandates. As such, it was an important area of focus for the Bank in 2020.

This section provides a narrative discussion outlining the key highlights of the Bank’s financial results for the year ended December 31, 2020.

The Annual Report outlines the Bank’s activities and achievements in 2020. It includes the financial statements and a message from Governor Tiff Macklem.

The pandemic required the Bank to find innovative ways to manage its operations in 2020. Bank staff quickly implemented ideas and tools that were already in development and helped the Bank to adapt almost every aspect of its business to the challenging circumstances.

Like other economies around the world, the Canadian economy was hit hard by COVID-19. Following the onset of the pandemic and the introduction of measures to contain its spread, gross domestic product (GDP) fell by more than 10 percent in the first half of 2020.

In 2020, the Bank launched a comprehensive strategy to put diversity and inclusion into practice. This is the latest step in fostering a work environment where all employees feel safe and valued for their individual contributions and unique perspectives.