I will argue that, for policymakers as well as the private sector, the challenge is to embrace technology as a means of improving convenience and speed in the delivery of financial services, while also assuring the security and privacy necessary to sustain the public’s trust. As always, the views I express here are my own.
The balance sheet peaked in March 2021 at $ billion, and as of last week, it was at about $ billion, a decline of about 28%. The decline primarily reflects the maturity of our repo operations and the reduction in our holdings of Government of Canada bonds following decisions to end quantitative easing in October 2021 and begin quantitative tightening in April.