FXStreet (Mumbai) - During a speech titled 'Riding the Commodity Cycle: Resources and the Canadian Economy' on late Monday, Bank of Canada (BOC) Governor Stephen Poloz noted, Canada has witnessed sharp swings in resource prices in the past and the economy has managed to handled them well and will continue to do so.
Key Quotes:
"Canada has seen this movie before – we've managed it well in the past, and I'm confident we will continue to manage it well in the future."
"We've adjusted to rising prices; we can adjust to falling ones. These adjustments are never easy. They are often difficult and painful for affected individuals and their families. But they are necessary."
"Even when prices are falling, as they have been recently, our endowment represents a store of value and a source of future riches."
"Why did oil fall so much? The main reason is that supply rose sharply, thanks primarily to technological advances in oil extraction everywhere."
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