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Bank of Canada faces shortage of $50 bills due to pandemic hoarding – CTV News

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TORONTO —
The Bank of Canada is facing a shortage of $50 bills due to the COVID-19 pandemic and signs point to Canadians hoarding cash as a primary reason.

In a statement, the Bank of Canada said the shortage will not impact the consumer’s ability to withdraw cash, but rather it may require banks to alter their cash orders to incorporate other denominations.

“We still have $50 bank notes in stock, but the order adjustments were made in order to maintain adequate inventories throughout the next few weeks,” the statement reads.

“This adjustment is due to the larger-than-expected demand over the past few months, and ahead of our regularly scheduled stock replenishment expected by the end of summer. This measure, which only affects the $50 denomination, is temporary and will be lifted as soon as possible.”

The Bank of Canada could not specify why the demand has increased for the $50 specifically, but it released a staff discussion paper earlier this month that shows there was a spike in demand for all bank notes — though $20 and $50 bills were in highest demand — in April and May, compared to the past five years.

The report indicates likely three reasons for the increase in notes in circulation:

  • Precautionary measures from banks to increase their cash inventories during the pandemic;
  • Banks also drew more money to compensate for disruptions to the flow of cash from retailers affected by the pandemic; and,
  • an increased demand for bank notes from consumers.

In the statement, the Bank of Canada said it believes the increase in consumer demand “was significant.”

Furthermore, the report indicates that Canadians were holding on average $22 more in cash during the pandemic, compared to the same months last year, while 35 per cent of Canadians decreased their overall cash use.

Another 30 per cent of respondents said they did not use cash at all, but a “significant proportion of these respondents had cash on hand,” according to the report.

Even though Canadians are withdrawing more cash, there are fewer places to spend it. Several businesses over the past few months, including Loblaws, Metro and Tim Hortons, are encouraging customers to avoid cash payments, while other businesses are refusing it all together.  

The Bank of Canada, for the record, has urged businesses to continue to accept cash, but to sanitize the money as it would a doorknob or gas pump.

CASH HOARDING AN INTERNATIONAL PROBLEM

Hoarding cash is not just happening in Canada, either.

A report from the Centre for Economic Policy Research in the U.K. shows cash in circulation has increased in United States, Italy, Spain, Germany, France, Australia, Brazil and Russia, to name a few.

“While the economic shutdowns and increased use of online retailing are currently diminishing cash’s traditional function as a medium of exchange, it seems that this is being more than offset by panic driven hoarding of banknotes,” the report states.

In the U.S., pandemic hoarding, combined with businesses refusing cash, has led to a shortage of coins. This shortage led to the foundation of the U.S. Coin Task Force, which is meant to “identify, implement, and promote actions to reduce the consequence and duration of COVID-19 related disruptions to normal coin circulation.”

The Spain-based Banco Bilbao Vizcaya Argentaria (BBVA) has issued a warning against hoarding money during the pandemic, citing consumers lose a layer of protection that a bank provides and it increases security risk to the consumer.

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Sonia Furstenau staying on as B.C. Greens leader in wake of indecisive election

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The B.C. Greens say Sonia Furstenau will be staying on as party leader, despite losing her seat in the legislature in Saturday’s provincial election.

The party says in a statement that its two newly elected MLAs, Jeremy Valeriote and Rob Botterell, support Furstenau’s leadership as they “navigate the prospect of having the balance of power in the legislature.”

Neither the NDP led by Premier David Eby nor the B.C. Conservatives led by John Rustad secured a majority in the election, with two recounts set to take place from Oct. 26 to 28.

Eby says in a news conference that while the election outcome is uncertain, it’s “very likely” that the NDP would need the support of others to pass legislation.

He says he reached out to Furstenau on election night to congratulate her on the Greens’ showing.

But he says the Green party has told the NDP they are “not ready yet” for a conversation about a minority government deal.

The Conservatives went from taking less than two per cent of the vote in 2020 to being elected or leading in 45 ridings, two short of a majority and only one behind the NDP.

This report by The Canadian Press was first published Oct. 22, 2024.

The Canadian Press. All rights reserved.



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Toronto FC captain Jonathan Osorio making a difference off the pitch as well as on it

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Toronto FC captain Jonathan Osorio is making a difference, 4,175 kilometres away from home.

The 32-year-old Canadian international midfielder, whose parents hail from Colombia, has been working with the Canadian Colombian Children’s Organization, a charity whose goal is to help disadvantaged youth in the South American country.

Osorio has worked behind the scenes, with no fanfare.

Until now, with his benevolence resulting in becoming Toronto FC’s nominee for the Audi Goals Drive Progress Impact Award, which honours an MLS player “who showed outstanding dedication to charitable efforts and serving the community” during the 2024 season.”

Other nominees include Vancouver Whitecaps midfielder Sebastian Berhalter and CF Montreal goalkeeper Jonathan Sirois.

The winner will be announced in late November.

The Canadian Colombian Children’s Organization (CCCO) is run entirely by volunteers like Monica Figueredo and Claudia Soler. Founded in 1991, it received charitable status in 2005.

The charity currently has four projects on the go: two in Medellin and one each in Armenia and Barranquilla.

They include a school, a home for young girls whose parents are addicted to drugs, after-school and weekend programs for children in a disadvantaged neighbourhood, and nutrition and education help for underprivileged youth.

The organization heard about Osorio and was put in contact with him via an intermediary, which led to a lunch meeting. Osorio did his due diligence and soon got back to the charity with his decision.

“It was something that I wanted to be a part of right away,” said Osorio, whose lone regret is that he didn’t get involved sooner.

“I’m fortunate now that to help more now that I could have back then,” he added. “The timing actually worked out for everybody. For the last three years I have donated to their cause and we’ve built a couple of (football) fields in different cities over there in the schools.”

His father visited one of the sites in Armenia close to his hometown.

“He said it was amazing, the kids, how grateful they are to be able to play on any pitch, really,” said Osorio. “But to be playing on a new pitch, they’re just so grateful and so humble.

“It really makes it worth it being part of this organization.”

The collaboration has also made Osorio take stock.

“We’re very fortunate here in Canada, I think, for the most part. Kids get to go to school and have a roof over their head and things like that. In Colombia, it’s not really the same case. My father and his family grew up in tough conditions, so giving back is like giving back to my father.”

Osorio’s help has been a godsend to the charity.

“We were so surprised with how willing he was,” said Soler.

The TFC skipper has helped pay for a football field in Armenia as well as an ambitious sports complex under construction in Barranquilla.

“It’s been great for them,” Figueredo said of the pitch in Armenia. “Because when they go to school, now they have a proper place to train.”

Osorio has also sent videos encouraging the kids to stay active — as well as shipping soccer balls and signed jerseys their way.

“They know more about Jonathan than the other players in Colombia,” Figueredo said. “That’s the funny part. Even though he’s far away, they’ve connected with him.”

“They feel that they have a future, that they can do more,” she added. “Seeing that was really, really great.”

The kids also followed Osorio through the 2022 World Cup and this summer’s Copa America.

Back home, Osorio has also attended the charity’s annual golf tournament, helping raise funds.

A Toronto native, he has long donated four tickets for every TFC home game to the Hospital for Sick Children.

Vancouver’s Berhalter was nominated for his involvement in the Whitecaps’ partnership with B.C. Children’s Hospital while Montreal’s Sirois was chosen for his work with the Montreal Impact Foundation.

Follow @NeilMDavidson on X platform, formerly known as Twitter

This report by The Canadian Press was first published Oct. 21, 2024.



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Five Things to Know: Toronto Raptors’ 2024-25 season

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TORONTO – The Toronto Raptors kick off the 2024-25 season on Wednesday night when they host the Cleveland Cavaliers at Scotiabank Arena. Here are five things to know ahead of the Raptors’ home opener:

THREE DECADES — It’s the Raptors’ 30th anniversary and the team has plans to celebrate all season, including bringing back their purple jerseys from the mid-1990s. Toronto will also be honouring former players, including Hall of Famer Vince Carter. He’ll be the first-ever player to have his Raptors jersey retired in a ceremony at Scotiabank Arena on Nov. 2.

DEPTH CHART — The Raptors lacked depth to start last season with essentially one player coming off the bench — shooting guard Gary Trent Jr. — with then-rookie swingman Gradey Dick sometimes rotating in too. That short bench was evident with a -4.4 net rating over the season, tied with the San Antonio Spurs for third-worst in the NBA. Net rating is an advanced stat that indicates how much better or worse a team performs on a per-possession basis.

However, a series of trades and four draft picks remade the roster and greatly improved Toronto’s depth.

Point guard Davion Mitchell, power forward Ochai Agbaji and centre Chris Boucher of Montreal will lead the reserves to start the season. All three have serious NBA experience, averaging more than 17 minutes per game in their careers. They’ll be joined on the second unit by centre Kelly Olynyk (back) of Kamloops, B.C., and small forward Bruce Brown (arthroscopic knee surgery) once they’re healthy for a robust veteran bench that can handle big minutes. Ja’Kobe Walter, Toronto’s 19th overall pick in this past summer’s draft, will presumably be Dick’s backup at the two-guard once he’s recovered from a sprained shoulder.

COMMUTERS — Walter was the highest of Toronto’s four picks selected in the 2024 NBA draft in late June. Power forward Jonathan Mogbo (31st), point guard Jamal Shead (45th) and centre Ulrich Chomche (57th) were also selected. Although all four will see some NBA minutes this season — especially Shead, whose dogged defence was a highlight of the Raptors’ pre-season — they’ll also be regulars for the G-League’s Raptors 905 in nearby Mississauga, Ont.

IN-SEASON TOURNAMENT — The Raptors are in Group B for the NBA’s second-annual in-season tournament. They’re grouped with the Milwaukee Bucks, Indiana Pacers, Miami Heat and Detroit Pistons. Toronto’s so-called Cup Nights will begin Nov. 12 in Milwaukee and continue when the Raptors host Detroit on Nov. 15. Their third tournament game will be Nov. 29 in Miami and then their group stage will end Dec. 3 when Indiana visits Scotiabank Arena.

Financial incentive has been added to the NBA Cup playoffs this season, with players on the winning team earning US$514,971 each, while $205,988 goes to each player on the runner-up team. Players who lost in the semis will get $102,994 apiece and players that lose in the quarters will get $51,497.

PORTER SENTENCING — Former Toronto backup centre Jontay Porter will receive face sentencing on Dec. 18 after he pleaded guilty in the summer to a U.S. federal conspiracy crime. Porter, 24, was banned from the NBA after admitting that he helped bettors by intentionally underperforming in games. Prosecutors have estimated that he could be facing a range from just under 3 1/2 years in prison to a little over four years.

This report by The Canadian Press was first published Oct. 22, 2024.

The Canadian Press. All rights reserved.



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