The Bank of Canada is the Canadian central bank. The Bank of Canada has 4 main responsibilities. The Bank of Canada is responsible for designing, issuing and distributing Canadian bank notes. The second responsibility of the Bank of Canada is the Canadian monetary policy, which is essentially controlling how much money circulates in the Canadian financial system and the value of the Canadian dollar. The bank implements its monetary policy by changing the short-term interest rates. The third main responsibility of the Bank of Canada is to support an efficient and safe financial system in Canada. The fourth main area of responsibility for the Canadian national bank is to provide efficient funds-management for the Government of Canada (the Bank of Canada plays the role of fiscal agent for the Government of Canada) and other clients.

The Bank of Canada was created in 1934 with the Bank of Canada Act as a privately owned corporation and four years later it was transitioned to a Crown corporation, which belongs to the federal Government of Canada. The Bank of Canada is not a commercial bank and it doesn’t offer banking services directly to the public. The bank head office is in Ottawa, Ontario.

Canadian Banks

Canadian Banks > Bank of Canada