Bank Of Canada [BOC]« Back to Glossary Index
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 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.
Official Web site – http://www.bankofcanada.ca/en/