Halifax Welcomes Bank of Canada Deputy Governor

On September 5, the Bank of Canada’s Deputy Governor, Lawrence Schembri came to Halifax to provide insights into the considerations behind the Bank’s September 4 Interest Rate Announcement. We were thrilled to play a leadership role in bringing the Deputy Governor to an audience of nearly 150 at Pier 21, including investors in the Halifax Partnership and members of the broader business community with our partner the Halifax Chamber of Commerce. The Deputy Governor shared that he was pleased to speak at Pier 21 since it was where his family first entered Canada when they immigrated here.

Promoting Canada’s economic and financial welfare is the mandate of the Bank of Canada, achieved through announcements regarding the state of the Canadian economy, monetary and financial policy and interest rates eight times each year. On September 5, Deputy Governor Schembri shared that the Canadian economy remains stable, even as the global outlook remains uncertain. “In sum, Canada’s economy is operating close to potential and inflation is on target. However, escalating trade conflicts and related uncertainty are taking a toll on the global and Canadian economies. In this context, the current degree of monetary policy stimulus remains appropriate. As the Bank works to update its projection in light of incoming data, Governing Council will pay particular attention to global developments and their impact on the outlook for Canadian growth and inflation.” The economy grew by 3.7 percent in the second quarter, exceeding expectations and the Bank made no changes to its interest rates.

For the Halifax business community, it was highly informative to hear directly from the Deputy Governor on how the Bank makes its adjustments, and what they will be watching for in the coming weeks as they prepare for their next update set for October 30.

We thank the Halifax Chamber of Commerce for their partnership in hosting this event, and the Chartered Professional Accountants of Nova Scotia for their sponsorship.

If you were unable to attend the event, click here to watch Deputy Governor Schembri’s full speech.