About the Bank
Find out what the Bank does, who runs the Bank and how it is separate from the political process. Learn about our history and find links to the Bank’s governance documents.
The Bank of Canada is the nation's central bank. Its principal role is "to promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. The Bank’s four main areas of responsibility are:
Read more about how the Bank works through its core functions.
The Bank of Canada is led by the Governing Council, the policy-making body of the Bank, which is responsible for:
The Governing Council is made up of the Governor, the Senior Deputy Governor and four Deputy Governors.
The Governing Council's main tool for implementing monetary policy is the target for the overnight rate (also known as the key policy rate). This rate is normally set on eight fixed announcement dates per year. The Council arrives at its decisions about the rate by consensus, rather than by individual votes, as is the case at some other central banks.
See who is on Governing Council and the Bank's Senior Management.
As the Bank’s Chief Executive Officer, the Governor ultimately has full control over the business of the Bank. His responsibilities include:
The Governor and the Senior Deputy Governor are appointed by the independent directors with the approval of the Governor in Council (the federal Cabinet) for a seven-year term. This allows the Governor to adopt the medium- and longer-term perspective essential to conducting effective monetary policy.
The Senior Deputy Governor is the deputy executive of the Bank of Canada. She:
The Board of Directors is appointed by the Minister of Finance for a three-year term, subject to the approval of the Governor in Council. It is composed of the Governor, the Senior Deputy Governor, 12 outside directors and the Deputy Minister of Finance (who has no vote). Their responsibilities include:
Monetary policy is neither formulated nor implemented by the outside directors.
The Bank of Canada is a special type of Crown corporation, owned by the federal government, but with considerable independence to carry out its responsibilities. For example:
Having an independent monetary institution allows for the separation of the power to spend money from the power to create money. Separating the central bank from the political process enables it to adopt the medium- and long-term perspectives essential to conducting effective monetary policy.
The Bank is committed to publishing information about how it works.
Reports, statements, public surveys and plans are available in the governance documents section.
Canada’s central bank was founded in 1934 and opened its doors in March 1935. In 1938, it became a Crown corporation belonging to the federal government. The Bank of Canada Act has been amended several times, but the preamble to the Act has not changed. The Bank still exists "to regulate credit and currency in the best interests of the economic life of the nation."
Find out more about the Bank’s past, how it has worked and who shaped it in the history section.
A collection of photos and videos about the Bank of Canada.
The Bank offers various educational services and resources, including an annotated list of financial education resources.
The head office in Ottawa and the regional offices serve as contact points for Canadians requiring assistance to access services offered by the Bank.