The Bank of Canada began operations as the country’s central bank in 1935.
Parliament created the Bank of Canada in 1934, and it opened for business on 11 March 1935. Its establishment followed economic and banking debates during the Great Depression, when Canada sought a national institution able to manage monetary conditions and support financial stability.
The Bank of Canada is Canada’s banknote issuer and conducts monetary policy. Its core monetary-policy goal is to keep inflation low and stable, pursued through a flexible inflation-targeting framework agreed with the federal government. It also acts as the federal government’s banker and oversees important aspects of the financial system.
The bank is headquartered in Ottawa. It was originally privately owned, but the Canadian government acquired all shares in 1938. The date 1934 is therefore the creation date, while 1935 is the key date for operations—a distinction that explains conflicting answers in some summaries.