The Bank of Canada (French: Banque du Canada) is Canada's central bank. The bank was founded by the Bank of Canada Act on July 3, 1934, as a privately owned corporation. In 1938, the bank became a Crown corporation, belonging to the monarch in right of Canada. The Minister of Finance holds the entire share capital issued by the bank. "Ultimately, the Bank is owned by the Minister of Finance on behalf of Her Majesty in right of Canada."
The role of the bank is to "promote the economic and financial well-being of Canada." The responsibilities of the bank are: monetary policy; sole issuing authority of Canadian banknotes; the promotion of a safe, sound financial system within Canada; and funds management and central banking services "for the federal government, the Bank and other clients."
The bank headquarters are located at the Bank of Canada Building in the nation's capital, Ottawa. The building is the site of the Currency Museum, which opened in December 1980.
Read more about Bank Of Canada: History, Roles and Responsibilities, Type of Government Institution, Bank of Canada's Balance Sheet, Quantitative Easing in Canada, Governor
Famous quotes containing the words bank and/or canada:
“It was like passing a boundary to dive
Into the sun-filled water, brightly leafed
And limbed and lighted out from bank to bank.
That’s how the stars shine during the day.”
—Wallace Stevens (1879–1955)
“I see Canada as a country torn between a very northern, rather extraordinary, mystical spirit which it fears and its desire to present itself to the world as a Scotch banker.”
—Robertson Davies (b. 1913)