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Following the Bank of Canada’s decision to keep its policy rate unchanged 0.25%, Governor Stephen S. Poloz is delivering his remarks on the policy outlook.

Key takeaways

“Bank  has so far accumulated over C$200 billion of new assets, amounting to about 10% of Canada’s GDP in liquidity support for the economy.”

“When financial tensions ease as pandemic runs its course, these extra liquidity demands will dissipate, and the bank’s balance sheet expansion can reverse over time.”

“Governing Council agreed that the combination of aggressive fiscal action and monetary stimulus will create the best possible foundation for the recovery period.”

About Stephen Poloz (via bankofcanada.ca)

“Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas.”