Which institution was founded in 1694 as England’s central bank?

The Bank of England was founded in 1694 as England’s central bank.

The bank was created by royal charter during the reign of William III. Its original purpose was to raise funds for the government, particularly to help finance the Nine Years’ War against France. It began as a private institution with important public responsibilities.

Over time, the Bank of England became the United Kingdom’s central bank. Its functions now include setting monetary policy through the Monetary Policy Committee, issuing banknotes in England and Wales, supporting financial stability, and acting as banker to the UK government.

A common mix-up is calling it the world’s oldest central bank without qualification. Sweden’s Sveriges Riksbank was founded earlier, in 1668, although the Bank of England is among the oldest institutions of its kind and has had a major influence on modern central banking.