University libraries struggle to stock journals priced in U.S. dollars - NEWS 1130

"Students and faculty at some of Canada’s post-secondary schools may soon have a tougher time doing research because the low loonie is forcing libraries to rethink what journals and books they stock. 'The drop in the loonie has definitely decreased our purchasing power,' Jo Anne Newyear-Ramirez, the associate university librarian for collections management at the University of British Columbia library, said in an interview. Journal subscriptions are often priced in U.S. dollars, and most university libraries pay for a majority of their collection purchases in American dollars. When the loonie started dropping against the U.S. dollar in the 2013-14 fiscal year, Newyear-Ramirez said, UBC library cancelled about $1.2 million worth of journal subscriptions. This year, the library halted some of its buying, she said, and plans to cancel more journals in the next fiscal year beginning April 1 ..."