Which bank is the central bank of Canada?

The Bank of Canada is Canada’s central bank.

Canada established the institution under the Bank of Canada Act in 1934, during the economic pressures of the Great Depression. It began operations in March 1935 and was initially a privately held corporation before becoming wholly owned by the federal government in 1938.

The bank is responsible for conducting monetary policy, issuing Canada’s banknotes, promoting a safe and efficient financial system, and acting as the government’s fiscal agent. Its principal policy tool is the setting of the target for the overnight interest rate.

The Bank of Canada is not the same as the Royal Bank of Canada or other commercial banks. Commercial banks provide services such as deposits and mortgages to customers, while the central bank manages national monetary and financial conditions. Its headquarters are in Ottawa.