The Region

Bank of Canada

Focus on Central Banks

Published March 1, 1999  | March 1999 issue

Headquarters: Ottawa

National currency: Canadian dollar

The Bank of Canada was founded in 1934 and was given responsibility for regulating "credit and currency in the best interests of the economic life of the nation."

The Bank of Canada's current responsibilities can be grouped into four broad functions:

  • monetary policy, the goal of which is to help the economy reach its full potential by maintaining the value of money and restraining inflation.

  • managing the distribution and security of the country's currency.

  • central banking services, which include overseeing the safety and soundness of the Canadian financial system, and providing services to the government and the country's financial institutions.

  • debt management, that is, the issue and administration of treasury bills and bond issues on behalf of the Canadian federal government.

The Bank of Canada is structured like many corporate entities: Overall responsibility for business affairs rests with its Board of Directors; the Governor of the Bank is the Chief Executive Officer and Chairman of the Board, and management of the Bank is in the hands of its Governing Council.

In addition to its Ottawa headquarters, the Bank has offices in Toronto, Ontario; Vancouver, British Columbia; Calgary, Alberta; Montreal, Quebec; and Halifax, Nova Scotia.

For more on the Bank of Canada, go to