This is the second year of the Bank’s 2025–27 strategic plan, Canadians Count on Us. The Bank’s financial management objective is to steward public funds responsibly in support of its mandate, with strong governance, transparency and disciplined use of resources.
The Bank has committed to reducing its core operating expenditures by 15% by the end of 2028, in line with the federal government’s Comprehensive Expenditure Review. These reductions began to take effect in 2026, with initial cost-saving measures and efficiencies.
The Bank’s expenditures profile remains largely consistent by category year over year, with the exception of bank note production costs, which are driven by market demand.
Operational highlights and changes
Governing Council and Board of Directors
On March 23, 2026, the Bank announced that Deputy Governor Rhys Mendes will leave the Bank on April 10, 2026. The Bank also announced the retirement of Deputy Governor Sharon Kozicki on July 15, 2026.
On April 20, 2026, the Bank announced the appointment of Marc-André Gosselin and Nicolas Vincent as Deputy Governors, effective May 25 and August 3, 2026, respectively.
Operations and programs
On January 28, 2026, March 18, 2026 and again on April 29, 2026, the Bank announced that it was maintaining its policy rate at 2.25%.
Risk analysis
The Bank’s financial risks are discussed in the notes to the financial statements of December 31, 2025. Note 4 of the condensed interim financial statements for March 31, 2026, also provides an update on these financial risks.
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