Canada’s central bank has issued a currency-exchange program aimed at helping Canadians save money by buying foreign currency.
The new program, called PesoForum, is a joint effort between the Canadian Central Bank and the Canadian Currency Association (CCA), which manages the country’s currency.
Citing the growing need to spend money abroad, the CCA launched the program last year to encourage Canadians to use Pesos in international transactions.
The program was launched at the start of the new fiscal year on June 30, 2018, with the aim of boosting the use of Pesos, a Canadian dollar that is issued by the Canadian government and is used as the nation’s official currency.
It also aims to help Canadians save on foreign exchange costs, and reduce transaction fees by giving consumers the option of purchasing their foreign currency in Pesos or Canadian dollars.
The initiative has been expanded to cover other currencies, including the U.S. dollar, the Japanese yen, the Australian dollar, British pound, Swiss franc and the Indian rupee.
The CCA also announced a partnership with the Uyghur community in the Middle East, where Pesos are often used as currency.
It is also working with a number of countries in Europe to make their own currency, which would be accepted at international events.
The partnership with Uyighur communities has been successful in bringing more people into the process, said CCA chair Robyn Kempton.
While the currency program is aimed at people living outside of Canada, Kemptons group is also hoping to reach more Canadians in the future.
“I think there are a lot of people who would benefit from this,” she said.
“We are trying to engage with as many Canadians as possible, and the fact that this is something that we can do, we can make it happen, I think is a very positive thing.”
Kempton said the CAC hopes to see the program reach as many people as possible.
“It’s not about just helping people save money, but it’s really about helping Canadians understand what they’re spending their money on,” she added.
The Peso Forum program is part of the CSA’s efforts to improve its international operations.
The CCA is a government-sponsored enterprise and operates a variety of programs including the Global Economic Summit, the World Economic Forum and the Global Forum on Public Finance.
The bureau is also expanding its programs in other areas.
Last month, the agency announced it will begin piloting a program that would provide cash to people who have lost their bank accounts in China.