The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization.
Executive Director of Payments, Supervision and Oversight Ron Morrow talks about how payments have evolved in Canada and why it’s important to modernize our payment infrastructure.
Canada’s financial system remains resilient. Over the past year, households, businesses, banks and non-bank financial institutions have continued to proactively adjust to higher interest rates. But this adjustment is not yet over and continues to present risks to financial stability. Key risks include those related to debt serviceability and asset valuations.
On the first anniversary of the coronation of His Majesty King Charles III, the Bank of Canada issued a progress update on designing a new $20 bank note.
The Bank of Canada’s Annual Report for 2023 was tabled in the House of Commons yesterday. The Bank of Canada also released its second annual report outlining the risks that climate change poses to its mandate and operations.