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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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World Junior Girls Golf Championship coming to Toronto-area golf course

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MISSISSAUGA, Ont. – Golf Canada has set an impressive stretch goal of having 30 professional golfers at the highest levels of the sport by 2032.

The World Junior Girls Golf Championship is a huge part of that target.

Credit Valley Golf and Country Club will host the international tournament from Sept. 30 to Oct. 5, with 24 teams representing 23 nations — Canada gets two squads — competing. Lindsay McGrath, a 17-year-old golfer from Oakville, Ont., said she’s excited to be representing Canada and continue to develop her game.

“I’m really grateful to be here,” said McGrath on Monday after a news conference in Credit Valley’s clubhouse in Mississauga, Ont. “It’s just such an awesome feeling being here and representing our country, wearing all the logos and being on Team Canada.

“I’ve always wanted to play in this tournament, so it’s really special to me.”

McGrath will be joined by Nobelle Park of Oakville, Ont., and Eileen Park of Red Deer, Alta., on Team Canada 2. All three earned their places through a qualifying tournament last month.

“I love my teammates so much,” said McGrath. “I know Nobelle and Eileen very well. I’m just so excited to be with them. We have such a great relationship.”

Shauna Liu of Maple, Ont., Calgary’s Aphrodite Deng and Clairey Lin make up Team Canada 2. Liu earned her exemption following her win at the 2024 Canadian Junior Girls Championship while Deng earned her exemption as being the low eligible Canadian on the world amateur golf ranking as of Aug. 7.

Deng was No. 175 at the time, she has since improved to No. 171 and is Canada’s lowest-ranked player.

“I think it’s a really great opportunity,” said Liu. “We don’t really get that many opportunities to play with people from across the world, so it’s really great to meet new people and play with them.

“It’s great to see maybe how they play and take parts from their game that we might also implement our own games.”

Golf Canada founded the World Junior Girls Golf Championship in 2014 to fill a void in women’s international competition and help grow its own homegrown talent. The hosts won for the first time last year when Vancouver’s Anna Huang, Toronto’s Vanessa Borovilos and Vancouver’s Vanessa Zhang won team gold and Huang earned individual silver.

Medallists who have gone on to win on the LPGA Tour include Brooke Henderson of Smiths Falls, Ont., who was fourth in the individual competition at the inaugural tournament. She was on Canada’s bronze-medal team in 2014 with Selena Costabile of Thornhill, Ont., and Calgary’s Jaclyn Lee.

Other notable competitors who went on to become LPGA Tour winners include Angel Yin and Megan Khang of the United States, as well as Yuka Saso of the Philippines, Sweden’s Linn Grant and Atthaya Thitikul of Thailand.

“It’s not if, it’s when they’re going to be on the LPGA Tour,” said Garrett Ball, Golf Canada’s chief operating officer, of how Canada’s golfers in the World Junior Girls Championship can be part of the organization’s goal to have 30 pros in the LPGA and PGA Tours by 2032.

“Events like this, like the She Plays Golf festival that we launched two years ago, and then the CPKC Women’s Open exemptions that we utilize to bring in our national team athletes and get the experience has been important in that pathway.”

The individual winner of the World Junior Girls Golf Championship will earn a berth in next year’s CPKC Women’s Open at nearby Mississaugua Golf and Country Club.

Both clubs, as well as former RBC Canadian Open host site Glen Abbey Golf Club, were devastated by heavy rains through June and July as the Greater Toronto Area had its wettest summer in recorded history.

Jason Hanna, the chief operating officer of Credit Valley Golf and Country Club, said that he has seen the Credit River flood so badly that it affected the course’s playability a handful of times over his nearly two decades with the club.

Staff and members alike came together to clean up the course after the flooding was over, with hundreds of people coming together to make the club playable again.

“You had to show up, bring your own rake, bring your own shovel, bring your own gloves, and then we’d take them down to the golf course, assign them to areas where they would work, and then we would do a big barbecue down at the halfway house,” said Hanna. “We got guys, like, 80 years old, putting in eight-hour days down there, working away.”

This report by The Canadian Press was first published Sept. 16, 2024.



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Red Wings sign Raymond to 8-year, $64.6 million contract

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DETROIT (AP) — The Detroit Red Wings signed forward Lucas Raymond to an eight-year, $64.6 million contract Monday, completing a deal with one of their best young players less than 72 hours before training camp begins.

Raymond will count $8.075 million against the salary cap through 2032. The 22-year-old was a restricted free agent without a contract for the upcoming NHL season and was coming off setting career highs with 31 goals, 41 assists and 72 points.

The Red Wings have another one of those in defenceman Moritz Seider, who won the Calder Trophy as rookie of the year in 2021-22.

Detroit is looking to end an eight-year playoff drought dating to the Original Six franchise’s last appearance in 2016.

Raymond, a Swede who was the fourth pick in 2020, has 174 points in 238 games since breaking into the league.

AP NHL:

The Canadian Press. All rights reserved.



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Purple place: Mets unveil the new Grimace seat at Citi Field

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NEW YORK (AP) — Fenway Park has the Ted Williams seat. And now Citi Field has the Grimace seat.

The kid-friendly McDonald’s character made another appearance at the ballpark Monday, when the New York Mets unveiled a commemorative purple seat in section 302 to honor “his special connection to Mets fans.”

Wearing his pear-shaped purple costume and a baseball glove on backwards, Grimace threw out a funny-looking first pitch — as best he could with those furry fingers and short arms — before New York beat the Miami Marlins at Citi Field on June 12.

That victory began a seven-game winning streak, and Grimace the Mets’ good-luck charm soon went viral, taking on a life of its own online.

New York is 53-31 since June 12, the best record in the majors during that span. The Mets were tied with rival Atlanta for the last National League playoff spot as they opened their final homestand of the season Monday night against Washington.

The new Grimace seat in the second deck in right field — located in row 6, seat 12 to signify 6/12 on the calendar — was brought into the Shannon Forde press conference room Monday afternoon. The character posed next to the chair and with fans who strolled into the room.

The seat is available for purchase for each of the Mets’ remaining home games.

“It’s been great to see how our fanbase created the Grimace phenomenon following his first pitch in June and in the months since,” Mets senior vice president of partnerships Brenden Mallette said in a news release. “As we explored how to further capture the magic of this moment and celebrate our new celebrity fan, installing a commemorative seat ahead of fan appreciation weekend felt like the perfect way to give something back to the fans in a fun and unique way.”

Up in Boston, the famous Ted Williams seat is painted bright red among rows of green chairs deep in the right-field stands at Fenway Park to mark where a reported 502-foot homer hit by the Hall of Fame slugger landed in June 1946.

So, does this catapult Grimace into Splendid Splinter territory?

“I don’t know if we put him on the same level,” Mets executive vice president and chief marketing officer Andy Goldberg said with a grin.

“It’s just been a fun year, and at the same time, we’ve been playing great ball. Ever since the end of May, we have been crushing it,” he explained. “So I think that added to the mystique.”

___

AP MLB:

The Canadian Press. All rights reserved.



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