Our QE program is implemented by buying Government of Canada bonds held by the private sector in the secondary market in a competitive reverse auction process. As I indicated above, at the height of the COVID 19 shock, we were buying at least $ billion a week.
And as the economy has recovered, we have gradually reduced our purchases to a target of $ billion a week. When we get to the reinvestment phase, we will want to maintain our total stock of government bonds at a relatively stable level. This will maintain the monetary stimulus we are providing through our balance sheet but not increase it further.