The Globe and Mail reports in its Friday, July 18, edition that the Bank of Canada and other federal Crown corporations plan to reduce their budgets in line with the government's cost-cutting efforts. A Canadian spokesman stated that the BOC aims to align with the Liberal government's savings goals. Ministers are expected to find 7.5-per-cent savings in their departments starting in fiscal 2026, increasing to 15 per cent over three years. The Department of National Defence, Canada Border Services Agency and the RCMP all have lower savings targets of 2 per cent set over that time frame. The BOC is an independent Crown corporation responsible for monetary policy, funded through its operations rather than taxpayer dollars. An internal e-mail obtained by CP shows BOC staff were informed Tuesday that the central bank intends to follow Ottawa's lead in cutting costs. "The approach for these reductions will be determined in the coming months," stated an e-mail from the BOC's Governor and senior deputy governor. "We understand this news may raise questions. We will proceed thoughtfully." A BOC spokesman said that decisions about how the central bank will conduct the review have yet to be made.