The Bank of Canada is in the news this week, after announcing they’re working on something called a central bank digital currency or a digital Canadian dollar. The Bank wants to be ready, though there are still plenty of questions to answer before it becomes reality.

“If a digital Canadian dollar were issued, it would be money that every Canadian could use every day,” Bank Governor Tiff Macklem said.

A digital dollar wouldn’t replace bank notes, and like paper bills, it would not accrue interest or change in value. If the federal government asks for a digital dollar, the Bank wants to be ready to issue the currency. They’re asking Canadians for feedback through a survey running from May 8 to June 19.

“I’m sure the topic of a digital dollar will come up on June 8, in what’s shaping up to be a really exiciting and historic event for Victoria,” Chamber CEO Bruce Williams said.

The Chamber hosts the Bank of Canada’s Deputy Governor Paul Beaudry as he delivers the next Economic Progress Report from Victoria. The reports earn national coverage and offer insight into the Bank’s analysis of where the economy is heading. See more details under Upcoming Business Leaders Luncheons below.

The museum is going through a modernization process that will eventually see a new building that is seismically safer and better suited for 21 century audiences. The current building opened in 1968.

“The museum is part of the fabric of Greater Victoria and many people feel strongly about what they want to see happen,” Chamber CEO Bruce Williams said after the museum hosted The Chamber’s 160th Celebration. “I’m fully confident in the work that museum staff are doing to modernize their facility, and The Chamber is excited about helping to ensure the museum continues to serve its important role in our region for generations to come.”

Many features of Old Town remain untouched. Among the additions is a new loop playing in the old-time movie theatre showing the diversity of voices who contributed to the province’s history.

This morning, the Bank of Canada announced it was holding its overnight rate at 4.5%. It’s the second month in a row the rate has stayed the same after rising eight times since March 2022. The move suggests the bank is seeing the impact of higher interest rates reflected in cooling inflation. The bank is now forecasting inflation to drop to 3% by mid-year and slowly fall to the target rate of 2% by the end of next year.

“Inflation in many countries is easing in the face of lower energy prices, normalizing global supply chains and tighter monetary policy,” stated the bank’s news release. “At the same time, labour markets remain tight and measures of core inflation in many advanced economies suggest persistent price pressures, especially for services.”

The bank will make its next rate announcement on June 7, followed by the release of its latest Economic Progress Report on June 8 in Victoria at an event hosted by The Chamber. See below for more information on this special Business Leaders Luncheon, sponsored by Odlum Brown.