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In 2021, we renewed Canada’s flexible inflation-targeting framework for 2022 to 2026.
We’re taking steps to better understand the impacts of climate change on the economy and to reduce our environmental footprint.
See the short list of portrait candidates for the next $5 bank note.
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Inflation in Canada is still too high but has declined from its peak. As the effects of higher interest rates continue to spread through the economy, and with declines in energy prices and improved supply chains, inflation is projected to fall to around 3% in the middle of 2023 and reach the 2% target in 2024.
Learn more about our ongoing work on digital currencies. This includes research on a Canadian central bank digital currency (CBDC) and on financial technology (fintech).
Market liquidity measures taken during COVID — Deputy Governor Toni Gravelle speaks before the 21st National Bank Financial Services Conference (12:45 (ET) approx.).
These forecasts are provided to Governing Council in preparation for monetary policy decisions. They are released once a year with a five-year lag.
We are building the capability to issue a digital version of the Canadian dollar—known as a central bank digital currency (CBDC)—that Canadians can trust and rely on so we can be ready should the need arise. Currently, we do not have plans to issue a digital currency. Ultimately, Parliament and the Government of Canada will determine if or when to issue a CBDC.
Simply put, a CBDC is digital money issued by a central bank.
If a Canadian CBDC were issued, individuals and businesses could use it to pay for products or services using a mobile phone or a special card or device. It would be like cash but with the added benefit of being able to be used online.
This official digital currency would retain its face value in Canadian dollars because it is issued by the Bank of Canada, just like bank notes.
The Bank of Canada is responsible for supplying bank notes to Canadians and for making sure there is confidence in the Canadian dollar. To do this, we need to adapt to changes in the way Canadians pay for goods and services. Canadians are using:
The day may come when Canadians can no longer readily use cash or when an alternative private digital currency becomes widely adopted. That might be the tipping point when a CBDC could be needed.
Bank notes will continue to be available for Canadians, even if a central bank digital currency were to be introduced.
We are researching attributes of a potential CBDC to determine, for example, how it would be:
To support this work, we are engaging with a broad group of stakeholders, including:
This is an important step in our efforts to better understand how a digital version of cash could affect Canadians.
We don’t see a need to issue a CBDC right now. And we don’t know if we will need to in the future. But we need to prepare for this possibility because it will take several years to develop, and the process must address complex policy issues including privacy, security, accessibility, and universal access.
Ultimately, Parliament and the Government of Canada will determine if or when to issue a CBDC. For background information on the Bank’s official position on CBDC, see Contingency Planning for a Central Bank Digital Currency.