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CRKN Investigating Measures to Mitigate Risk Associated with Fluctuating Foreign Exchange

February 04, 2016

Today, CRKN begins conversations with its membership regarding the effect of the recent weakening of the Canadian dollar. A recent analysis of the current economic environment undertaken by CRKN shows that approximately 60% of Canadian university library acquisition budgets are exposed to US dollar foreign exchange risk. The impact of what is expected to be a continued downward spiral of the Canadian dollar is compounding and exacerbating an already difficult funding environment for Canadian academic libraries.

At CRKN we have undertaken projects to mitigate the risk of foreign exchange fluctuations for our member libraries with the goal of providing a degree of budget certainty and to allow members to exercise additional control over their budgets. Considering the current economic forecast, and to meet the needs of our member libraries, we continue to investigate possible remedies. To this effect, a document has been circulated to CRKN member libraries regarding these issues with the goal of spurring increased awareness and generating dialogue. We look to the possibility of expanding our services offered to members to mitigate foreign exchange risks and to work together to find common solutions. 

We will be organizing several member teleconferences in mid-February to expand on these issues, respond to any questions, and engage members in a discussion regarding potential new services.

For more information, please contact Ken Blonski, Director of Operations: kblonski@crkn.ca. 

Keywords

Finances
Foreign exchange
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CRKN respectfully acknowledges that its offices are located on the traditional, unceded territory of the Algonquin Anishinaabe People. We also recognize that our member institutions are situated across the land now known as Canada, and we extend our respect and gratitude to all First Nations, Métis, and Inuit communities.

Through our work—particularly with the Canadiana and Héritage collections—we are committed to acknowledging colonial injustices, supporting First Nation, Inuit, and Métis data sovereignty, and working in partnership with communities. We strive to engage in respectful practices that honour community protocols and uphold the right of Indigenous Peoples to determine how materials related to their heritage are governed.

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© 2013 - 2025 Canadian Research Knowledge Network
  • License Information
    • CRKN Licensing Principles
    • Model License
    • The Banding System
    • Stakeholder Alignment Group
    • License Negotiations
    • Negotiation Outcomes
      • Invoicing Schedule
    • Directories
    • Publishers and Vendors
    • Tools and Services
      • Foreign Exchange Service
      • Publication Data Report
      • Unsub
      • Perpetual Access Rights Reports (Serials)
  • Open Access
    • Partnership for Open Access
    • Community Open Access Initiatives
    • Read and Publish Agreements
    • APC Discounts
    • Towards Open Scholarship: A Canadian Action Plan
    • Assessment Guidelines for Open Access Publishers
    • CRKN Open Access Journals List
  • Canadiana
    • About the Canadiana Collections
      • Call for Canadiana Collection Development Projects
      • What’s New in the Collections
      • Navigating the Collections
      • System Status
      • Canadiana Citation Guide
      • Canadiana Infrastructure Updates
      • Canadiana Metadata and Usage Reports
      • Rights Statement Project
      • History of Canadiana
    • Digitization Services
      • Digitization Projects
    • Preservation and Access
      • Trustworthy Digital Repository
    • Digital Heritage Content and Preservation Listserv
    • Clark Wilson LLP Memo on the Acquisition and Use of Commercial Microfilm
    • Future of Canadiana
  • Persistent Identifiers
    • ORCID-CA Consortium
      • How to Join ORCID-CA
      • ORCID-CA Governing Committee
    • DataCite Canada Consortium
      • How to Join DataCite Canada
      • DataCite Canada Governing Committee
    • National PID Strategy
    • Canadian Persistent Identifier Advisory Committee
  • Projects and Collaborations
    • NISO Membership
    • SCOAP³
    • FMD Membership
    • Coalition for Canadian Digital Heritage
    • HSS Digital Research Infrastructure in Canada
    • More Projects and Collaborations
  • News and Events
    • News
    • 2025 CRKN Virtual Conference
    • 2025 CRKN Member Summit and AGM
    • Code of Conduct
    • Webinars
  • About CRKN
    • Board of Directors
    • Members
      • Associate Membership
    • Committees
      • Executive Committee
      • Finance and Audit Committee
      • Content Strategy Committee
        • Knowledge Base Entitlements Sub-Committee
      • Preservation and Access Committee
        • Canadiana Content Sub-Committee
        • Platform Technical Sub-Committee
      • Conference Planning Committee
      • Task Groups
      • CRKN Researcher Council
    • Annual Report
    • Staff
    • Careers
    • History of CRKN
    • Ron MacDonald Service Award
    • Strategic Plan