BANK OF CANADA
The Bank of Canada is the Canada’s central bank. Its principal role, as defined in the Bank of Canada Act, is “to promote the economic and financial welfare of Canada.”
The Bank was founded in 1934 as a privately owned corporation. In 1938, it became a Crown corporation belonging to the federal government. Since that time, the Minister of Finance has held the entire share capital issued by the Bank. Ultimately, the Bank is owned by the people of Canada.
As the nation’s central bank, the Bank of Canada has four main areas of responsibility:
The goal of monetary policy is to contribute to solid economic performance and rising living standards for Canadians by keeping inflation low, stable, and predictable.
The Bank of Canada designs and issues bank notes that Canadians can use with the highest confidence.
The Bank of Canada actively promotes safe, sound, and efficient financial systems, both within Canada and internationally, and conducts transactions in financial markets in support of these objectives.
The Bank of Canada provides high-quality, effective, and efficient funds-management and central banking services for the federal government, the Bank, and other clients.