Bank of Canada
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| Headquarters | Ottawa, Ontario, Canada | ||
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| Coordinates | 45°25′15″N 75°42′11″W / 45.42088°N 75.702968°WCoordinates: 45°25′15″N 75°42′11″W / 45.42088°N 75.702968°W | ||
| Established | 1935 | ||
| Governor | Stephen Poloz | ||
| Central bank of | Canada | ||
| Currency |
Canadian dollar CAD (ISO 4217) |
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| Bank rate | 0.50% | ||
| Interest on reserves | 0.25% | ||
| Website | www.bankofcanada.ca | ||
The Bank of Canada, BoC (French: Banque du Canada) is Canada's central bank. The bank was chartered by and under the Bank of Canada Act on July 3, 1934, as a privately owned corporation. In 1938, the bank was legally designated a federal Crown corporation. The Minister of Finance holds the entire share capital issued by the bank. "The capital shall be divided into one hundred thousand shares of the par value of fifty dollars each, which shall be issued to the Minister to be held by the Minister on behalf of Her Majesty in right of Canada."
The essential role of the bank, as Canada's central bank, is to "promote the economic and financial well-being of Canada."
This role follows from the purpose of the Bank as set out in the preamble to the Bank of Canada Act: "to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada".
With the exception of the word "Canada" replacing the word "Dominion" the wording today is identical to the 1934 legislation which created the bank. Changes to make the bank a government-owned institution in 1938 did not alter the purpose of the Bank as set out in the preamble to the Bank of Canada Act.
More specifically, the responsibilities of the bank are:
The Bank of Canada headquarters are located at the Bank of Canada Building, 234 Wellington Street in the nation's capital, Ottawa. The edifice also houses the Currency Museum, which opened in December, 1980.
Between 2013 and 2017, the Bank of Canada temporarily moved its offices to 234 Laurier Street in Ottawa to allow major renovations to its headquarters building.
On March 11, 1935, the Bank of Canada began operations, following the granting of Royal Assent to the Bank of Canada Act. Initially, the bank had been founded as a privately owned corporation, a move taken in order to ensure the bank would be free from partisan political influence. Earlier, in 1933, Prime Minister R.B. Bennett had instituted the Royal Commission on Banking and Currency and it reported its policy recommendations in favour of the establishment of a central bank for Canada. The Royal Commission's members had consisted of noted Scottish jurist Lord Macmillan, Bank of England director Sir Charles Addis, former Canadian Finance Minister William Thomas White, Banque Canadienne de Montreal general manager Beaudry Leman, and Premier of Alberta John Edward Brownlee.[1]. In 1938, under Prime Minister William Lyon Mackenzie King, the Bank of Canada, by Act of the Parliament of Canada became "a special type of " Crown corporation.
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