Canada
Canada cuts rate for ‘insurance’ against oil price drop
Stephen Poloz says the fall in oil prices in ‘unambiguously negative’ for the Canadian economy as central bank unveils first rate change in over four years
Canada deputy warns lower oil prices likely 'to be bad' for the country
Timothy Lane says gains from recent price drop ‘will be more than reversed' as hit to local producers ‘spill over to the rest of the economy'
No end in sight for cash payments, Canadian research finds
Despite its costs, cash remains a popular option among Canadians, with younger consumers and merchants showing the highest demand for cash
Canadians want more women on banknotes, poll shows
Bank of Canada’s banknotes should reflect more gender equality and a better celebration of women, according to the Canadians who participated in an online survey by the central bank
Bank of Canada's Poloz defends language on household imbalances
Governor explains Bank of Canada has not changed its assessment of household imbalances, after describing them as a 'significant risk' to financial stability in policy announcement
Payments technology progressing in ‘leaps and bounds,' says Canada deputy
Carolyn Wilkins says Bank of Canada is keeping a close eye on risks posed by new forms of electronic money and modernising its oversight framework for payments
China and Canada sign deal to set up first RMB clearing bank in North America
Countries also agree on $8.2 billion RQFII quota as part of major bilateral trade initiative; PBoC also signs MoU with Bank Negara Malaysia to set up RMB clearing bank in Kuala Lumpur
Bank of Canada governor highlights need to ‘incorporate uncertainty' in decision-making
Stephen Poloz says central bank uses ‘ranges rather than points' in its inflation and growth forecasts; estimates neutral rate of interest to be between 3% and 4%
Poloz recommends dropping forward guidance as conditions normalise
Bank of Canada governor suggests there are better ways of communicating when conditions normalise; most respondents to CentralBanking.com poll agree
Bank of Canada will consult public on future banknote designs
Bank of Canada launches a nationwide consultation on banknote design principles, after a report concluding that Canadians should have increased participation in the process
Canada deputy: Neutral rate of interest has dropped
Potential growth will be lower than before the crisis, warns Carolyn Wilkins, while neutral rate for Canada is 3-4%, down from pre-crisis level of 4.5-5.5%
Bank rules and their impact on inequality
Banking regulation has a profound effect on levels of long-term financial inclusion around the world; US engaged in a failed ‘lottery ticket’ effort by the US to offer housing to the poor.
Canada governor says ‘manipulating markets not in our game plan'
Stephen Poloz says attempts to influence exchange rate, including via ‘verbal guidance', would ‘do more harm than good'
Bank of Canada may ‘expand’ payments oversight
Deputy governor Lawrence Schembri says the central bank might be charged with the oversight of ‘prominent’ payment systems as well as those that pose systemic risks
Poloz warns of household vulnerabilities in Canada's financial sector
Bank of Canada governor Stephen Poloz says enhanced framework to highlight vulnerabilities shows household debt and housing lending are areas of concern
Canada deputy urges pension funds to join clearing service
For repo and derivatives transactions, central counterparties reduce common counterparty exposures and systemic risk, Lawrence Schembri argues
Canadian government wields macro-prudential power, IMF paper says
Government control over high loan-to-value mortgages has successfully taken some heat out of the Canadian housing market since the economy began to recover
Poloz says low rates may be new norm
Bank of Canada governor Stephen Poloz says there is growing consensus that interest rates will remain at low levels even when the Canadian economy has recovered
Bank of Canada names Carolyn Wilkins as number two
Carolyn Wilkins will be the first female senior deputy governor in the Bank of Canada’s history; served as the central bank’s head of financial stability 2011-2013
Bank of Canada appoints first COO
Filipe Dinis appointed as Bank of Canada’s first-ever chief operating officer; assumes oversight of the central bank’s strategic planning, administrative functions and operations
Bank of Canada looks to anecdotal evidence amid economic models' ‘weakening performance'
Governor Stephen Poloz says experiences of faltering economic models last year has led the bank to focus increasingly on surveys and meetings with local businesses
Bank of Canada revamps website
The Canadian central bank has sought to simplify the design of its website and make it easier for users to locate information across a variety of devices
International perspective helps resolve domestic economic puzzles, says Canada deputy
Bank of Canada deputy governor John Murray underscores the importance of looking beyond borders when setting monetary policy
Credit-strapped Canadians continued to consume in wake of crisis
Lending supply effect ensured households compensated for scarce credit by drawing down liquid assets instead, according to Bank of Canada research paper