The Bank of Canada (BoC) paid out almost $27 million in raises and bonuses in 2022, according to Access to Information records, despite admitting that it made poor inflation forecasts. Records obtained by the Canadian Taxpayers Federation (CTF) showed that about half (49 percent) of the central bank’s workforce, or 1,095 employees, were paid over…
Bank of Canada Paid Out Nearly $27 Million in Raises and Bonuses in 2022: Records
Bank of Canada Raises Key Interest Rate to 5% as Underlying Inflation Trend Remains Elevated
July 12, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomic policieseconomyinflationinterest ratesTiff MacklemWorld
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OTTAWA—The Bank of Canada raised its overnight rate target by a quarter percentage point (25 basis points) to 5 percent on July 12 in response to more persistent excess demand in the economy and slowing downward momentum with inflation. “Canada’s economy has been stronger than expected,” the BoC said in a statement. The central bank…
Bank of Canada Raises Key Interest Rate to 5 Percent
July 12, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomic policieseconomyinflationinterest ratesTiff MacklemWorld
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OTTAWA—The Bank of Canada raised its overnight rate target by a quarter percentage point (25 basis points) to 5 percent on July 12 in response to more persistent excess demand in the economy and slowing downward momentum with inflation. “Canada’s economy has been stronger than expected,” the BoC said in a statement. The central bank…
‘We Need to Get Ready’: Bank of Canada Launches Consultations on Central Bank Digital Currency
May 9, 2023
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Bank of CanadaCanadaCentral Bank Digital Currency (CBDC)cryptocurrecymoneyPierre PoilievreTiff MacklemWorld
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The Bank of Canada (BoC) has announced that it is exploring the possibility of issuing a Central Bank Digital Currency (CBDC), and is seeking consultation from the public on its design. “As Canada’s central bank, we want to make sure everyone can always take part in our country’s economy. That means being ready for whatever…
BoC Can Address Banking System Stress, Even as It Fights Inflation: Macklem
The Bank of Canada has shifted its messaging in recent months from the need to get inflation under control to bringing it back down to the two percent target. But recent turbulence is in the global banking sector is forcing the central bank to pivot and reassure Canadians that it’s ready to contend with any…
Interest Rates May Need to Remain High ‘For Longer’ to Tame Inflation: Bank of Canada Governor
April 18, 2023
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CanadaCanada's parliamentary budget officercentral bank digital currencyFinance CommitteeinflationTiff MacklemWorld
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Bank of Canada (BoC) Governor Tiff Macklem says interest rates may need to stay higher “for longer” in order to return inflation to its 2 percent target. “When the [BoC’s] governing council met last week, we discussed whether we’ve raised rates enough, and we considered the likelihood that the policy rate may need to remain…
Bank of Canada Hits Pause, Doesn’t Mention Risk of US Fed’s Further Rate Hikes
News Analysis OTTAWA—As widely expected, the Bank of Canada enacted its pause of interest rate hikes on March 8, but what may be the most compelling reason for the BoC to start raising rates again was not mentioned in its statement. Economists and investors have long said that there are limits on how much monetary…
Bank of Canada Pauses Interest Rate Increases, Signals Readiness to Hike Further if Needed
OTTAWA—The Bank of Canada stayed true to its word from January that it would pause on interest rate hikes, but said it is “prepared to increase the policy rate further if needed to return inflation to the 2 percent target.” Canada’s central bank held its overnight rate target at 4.5 percent on March 8, saying…
More Government Spending ‘Wouldn’t Be Terribly Helpful’ in Fight Against Inflation, Macklem Tells Committee
Bank of Canada Governor Tiff Macklem told MPs on Feb. 16 that if the Liberal government increases spending in some areas it could hurt his current forceful approach to rein in inflation. Testifying before the House of Commons finance committee, Macklem took questions about the impact of government spending on his inflation fighting mission as…
Nearly 40% of Canadians Borrowing Money to Cover Daily Expenses: Federal Research
Nearly 40 percent of Canadians are borrowing money to cover the rising costs of daily expenses like groceries and rent, says new federal research. “The percentage of Canadians who borrow money to cover daily expenses increased from 26% in 2020 to 38% in September 2022,” wrote the Financial Consumer Agency of Canada in a report published…
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