University libraries face challenges due to lower loonie

January 29, 2016

Academic journal subscriptions are typically priced in US dollars, and most libraries pay for much of their collection in that currency. As a result, they are struggling with the recently diminished value of the Canadian dollar. “The drop in the loonie has definitely decreased our purchasing power,” UBC’s Associate University Librarian for Collections Management Jo Anne Newyear-Ramirez told the Canadian Press. UBC, for instance, was forced to cancel about $1.2 M in journal subscriptions in the 2013-14 fiscal year. Several other universities, including Western University, the University of Ottawa, and the University of Toronto have reported similar challenges. Metro (CP)