There are different measures of money supply, what we call different monetary aggregates. There are printed banknotes and there are central bank reserves that are held by members of Payments Canada at the bank and there is the measure that Mr. Chambers asked me about, M2, which includes bank accounts that people like you and me have. The measure of money supply that went up as a direct result of our monetary policy was the central bank reserves. Those have expanded significantly as a result of our monetary policy. It's a direct result of the quantitative easing that the bank undertook.
On May 7th, 2024. See this statement in context.