Bank of Canada Annual Report 2019 Annual Report ANNUAL REPORT DYNAMIC. ENGAGED. 2019TRUSTED. Rapport annuel 2019 de la Banque du Canada Contents Governor’s Foreword 1 2019 at a Glance 5 Management Discussion and Analysis Mandate and Planning Framework 6 Monetary Policy 11 In focus: Digitalization and the Bank 17 Financial System 19 In focus: Modernizing Canada’s payment systems 25 Funds Management 26 In focus: Enhancing operational resilience 29 Currency 30 In focus: Researching a central bank digital currency 34 Managing the Bank 35 Communications and Outreach 40 In focus: Communicating with Canadians 45 For further information, contact: Global Engagement 46 Public Information Office In focus: The economics of climate change 51 Communications Department Governance 53 Bank of Canada 234 Wellington Street Risk Management 59 Ottawa, Ontario K1A 0G9 2019 Financial Results 63 Telephone: 1-800-303-1282 (toll-free in North America) Financial Statements Email:
[email protected] Website: bankofcanada.ca Financial Reporting Responsibility 77 Independent Auditors’ Report 78 ISSN 1914-5691 (Print) ISSN 1487-0452 (Online) Financial Statements 81 © Bank of Canada 2020 Notes to the Financial Statements 85 GOVERNOR’S FOREWORD 2019: Emphasis on stewardship The Bank of Canada has always prided itself on its stewardship—of the Canadian economy, of course, but also of the organization, its people and its resources. As I approach the end of my seven-year mandate as Governor, I find myself thinking more and more about the situation that I will hand over to the next Governor. Let me begin with stewardship of the organization. The Bank manages its resources through its medium-term plan (MTP), which is developed every three years in collabora- tion with the Board of Directors.