Financial system

• September 3, 2025

  What is a flexible exchange rate?

  Canada has a flexible exchange rate. The value of our dollar is not fixed to the value of any other currency or to a precious metal such as gold.

  Content Type(s): Explainers Subject(s): Financial system, Financial markets, Monetary policy, Economy/Economic growth
• August 14, 2025

  The difference between a trade surplus and a trade deficit

  A trade surplus and a trade deficit are both measures of a country’s balance of trade. They are a calculation of whether a country exports or imports more.

  Content Type(s): Explainers Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation
• June 18, 2025

  The impact of US trade policy on jobs and inflation in Canada

  Remarks Tiff Macklem St. John’s Board of Trade St. John's, Newfoundland and Labrador

  Governor Tiff Macklem discusses how the trade conflict with the United States has affected the Canadian economy. He explains that restoring open trade is critical for jobs and growth, and important for prices and inflation.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation
• June 18, 2025

  Trade, jobs and inflation

  Speech summary Tiff Macklem St. John’s Board of Trade St. John's, Newfoundland and Labrador

  Governor Tiff Macklem discusses the trade conflict with the United States and how it is has affected the Canadian economy. He explains that restoring open trade is important for jobs, growth and price stability in Canada.

  Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation
• June 5, 2025

  Reaching out for a clearer view of the economy

  Speech summary Sharon Kozicki C.D. Howe Institute Toronto, Ontario

  Speaking a day after we decided to keep the policy interest rate at 2.75%, Deputy Governor Sharon Kozicki discusses how we make better decisions by looking at a variety of data and talking with Canadians.

  Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth
• May 8, 2025

  Release of the Financial Stability Report

  Opening statement Tiff Macklem, Carolyn Rogers Ottawa, Ontario

  Press conference following the release of the Financial Stability Report.

  Content Type(s): Press, Speeches and appearances, Opening statements Subject(s): Financial system, Financial markets, Financial stability, Funds management, Monetary policy, Economy/Economic growth
• March 20, 2025

  Navigating tariff uncertainty

  Remarks Tiff Macklem Calgary Economic Development Calgary, Alberta

  Governor Tiff Macklem discusses how the US trade conflict and uncertainty is hurting business and consumer confidence. He also outlines what the Bank is doing to ensure the trade conflict doesn’t cause widespread or persistent inflation.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
• March 20, 2025

  Tariffs and trade uncertainty are hurting the Canadian economy

  Speech summary Tiff Macklem Calgary Economic Development Calgary, Alberta

  Governor Tiff Macklem discusses how uncertainty about the trade war with the United States has shaken businesses and consumer confidence. He also reiterates that the Bank of Canada must ensure that high prices from tariffs do not lead to ongoing inflation.

  Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation
• January 16, 2025

  Back to normal for the balance sheet

  Speech summary Toni Gravelle VersaFi (formerly Women in Capital Markets) Toronto, Ontario

  Deputy Governor Toni Gravelle provides an update on when quantitative tightening will end and explains how the Bank of Canada will manage its balance sheet going forward.

  Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Financial system, Financial markets, Financial stability, Funds management
• January 16, 2025

  The end of quantitative tightening and what comes next

  Remarks Toni Gravelle VersaFi (formerly Women in Capital Markets) Toronto, Ontario

  Deputy Governor Toni Gravelle provides an update on when quantitative tightening will end and how the Bank of Canada will manage its balance sheet after that.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Financial stability, Monetary policy, Economy/Economic growth, Inflation targeting framework