The Bank of Canada is the central bank of Canada, which is responsible for boosting and sustaining the economic development of the country. They formulate Canada’s monetary policy, monitor bank notes and manage retail debt and bank funds.
Although the Bank of Canada is administered by the Canadian government, it is ultimately owned by the people.The bank was a private corporation at the time, funded in 1934, but became Crown Corporation and was taken over by the government four years later. Different from other government agencies, the bank’s governor and senior governor are designated by the bank itself.
The Bank of Canada has been established and maintained in Ottawa since it opened. Unlike commercial banks that offer banking services to individuals or companies, it does not provide banking services such as checking or savings accounts to ordinary customers. However, it still contributes an average of $ 1.7 billion in benefits to the Canadian government every year.