a 12 September 2022 op-ed in the Toronto Star. The op-ed blamed the bank's emergency quantitative easing policy it took following the Covid-19 pandemic. The bank responded to the op-ed saying that they do expect to return a loss as "the bank's interest expense is growing because of increases in the interest rate that we pay on deposits." Roles and responsibilities The mandate of the Bank of Canada is defined in the Bank of Canada Act preamble and it states, WHEREAS it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada. The Bank of Canada's responsibilities focus on the goals of low, stable and predictable inflation; a safe and secure currency; a stable and efficient financial system in Canada and internationally; and effective and efficient funds-management services for the Government of Canada, as well as on its own behalf and for other clients. In practice, however, it has a more narrow and specific internal definition of that mandate: to keep the rate of inflation (as measured by the Consumer Price Index) between 1% and 3%. Since adoption of the 1% to 3% inflation target in 1991 and 2019, the average inflation rate was 1.79% . The most potent tool the Bank of Canada has to achieve this goal is its ability to set the interest rate for borrowed money. Because of the large amount of trade between Canada and the United States, specific adjustments to interest rates are often affected by those in the US at the time. The Bank of Canada is the sole entity authorized to issue currency in the form of bank notes in Canada. The bank does not issue coins; they are issued by the Royal Canadian Mint. Canada no longer requires banks to maintain fractional reserves with the Bank of Canada. Instead, banks are required to hold highly liquid assets such as treasury bills equal to 30 days of normal withdrawals (liquidity coverage), while leverage is primarily tied to adequate loss-absorbing capital, notably tier one (equity) capital.