The Bank of Canada is the Canada’s central bank. They are not a commercial bank and do not offer banking services to the public. They are responsible for Canada’s monetary policy, bank notes, financial system, funds management. Their 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 controlled by the federal government. The entire share capital issued by the Bank is controlled by the Minister of Finance. The Bank is owned by the people of Canada.
The information below is taken directly of the Bank of Canada website under the page What We Do…
As the nation’s central bank, the Bank of Canada has five 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. Learn more.
The Bank of Canada designs and issues bank notes that Canadians can use with the highest confidence. Learn more.
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. Learn more.
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. Learn more.
Corporate Administration supports the sound management of human, financial, information, technology and physical resources and related infrastructure through the development of corporate policies and the maintenance of cost-effective, integrated systems and practices. Learn more.