For the second consecutive year, the Bank of Canada 🇨🇦 💸 announced massive losses — $3.08 billion in 2024, after $5.75 billion in 2023.
Why? Because it is paying interest on deposits more than it earns from the bonds it purchased during the pandemic.
These losses are a result of rising interest rates after COVID and years of intensive money printing — the effects of which are now starting to show 🖨️