Bank of Canada posts first loss

According to a report released by the Bank of Canada (central bank) on November 29 local time, the bank suffered a loss of 522 million Canadian dollars in the third quarter, which was the first loss in the bank’s 87-year history. The Bank of Canada has been unable to make a profit in recent months as assets and liabilities on its expanded balance sheet did not match as it rushed to raise interest rates to fight inflation.

The Canadian bank expects to post a loss of C$5 billion to C$6 billion going forward before returning to profitability in 2024 or 2025.