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.