Tiff Macklem acknowledges the Bank of Canada is losing money for first time StephHughes95 cdnecon
“After a period of above-average income, our net interest income is now turning negative,” Macklem said in opening remarks to the House finance committee on Nov. 23. “Following a period of losses, the Bank of Canada will return to positive net earnings. The size and duration of the losses will ultimately depend on a number of factors, including the path of interest rates and the evolution of both the economy and the balance sheet.
During that time, the Bank of Canada had been purchasing $5 billion worth of bonds a week until the end of 2020 before slowing its pace and then stopping altogether in October 2021.
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