Bankruptcies are up in Canada, the head of the Bank of Canada said this week, and he expects they'll rise even more as the central bank continues to hike interest rates.
Governor Stephen Poloz said he hears just how difficult higher borrowing costs can be straight from the people feeling the pain.
According to the bank, Poloz personally responds to emails and letters addressed to him from the public. Last year, for instance, about 200 people reached out to him directly. The most common themes of the messages are the state of the Canadian economy, inflation and interest rates, a bank spokeswoman said. If they aren't abusive and they include return addresses, he answers them.
Poloz's decision to leave rates unchanged this week is likely just a pause on the bank's rate-hiking path as the country deals with what he described as a temporary economic setback from a sharp decline in oil prices.