Bank of Canada

From The Free Forex Encyclopedia

Jump to: navigation, search

The Bank of Canada is the nation's central bank. The primary role of the Bank of Canada is to promote and maintain the economic well-being of the country. They do this through managing Canada's monetary policy, overseeing bank notes and managing retail debt as well as bank funds.

The Canadian $100 bill - Care of the Bank of Canada
The Canadian $100 bill - Care of the Bank of Canada

The Bank of Canada, although it is run through the Canadian government, is ultimately owned by the people. The bank was formed in 1934 as a private corporation, but within four years it became a crown corporation and was taken over by the government. Unlike other government agencies, however, the bank's governor and senior governor are appointed by the bank itself.

The Bank of Canada was built and has remained in Ottawa since its opening. As a non-commercial bank, it doesn't offer banking services such as checking or savings accounts to normal consumers. However, it still contributes an average of $1.7 billion in profit each year to the Canadian government.


Bank of Canada - Official Web site

See also

Related Articles:

Loonie Strength Ruffles BOC's Feathers

Will Canada's CPI Push BOC to Hike Rates?

BOC: Done for the Year?

Head to Head: RBA vs. BOC

Will the BOC Hike Rates Soon?

"The future belongs to those who believe in the beauty of their dreams."
Eleanor Roosevelt
Clicky Web Analytics