The Bank of Canada (in French: Banque du Canada) is Canada's central bank. It was created by the Bank of Canada Act of 1934, to "promote the economic and financial well-being of Canada." It is the sole issuer of banknotes in Canada, and the central bank for the Canadian dollar.
The bank's headquarters are located in the Bank of Canada Building at the corner of Wellington and Bank Streets in downtown Ottawa.
For many years, Canada did not have a c...
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The Bank of Canada (in French: Banque du Canada) is Canada's central bank. It was created by the Bank of Canada Act of 1934, to "promote the economic and financial well-being of Canada." It is the sole issuer of banknotes in Canada, and the central bank for the Canadian dollar.
The bank's headquarters are located in the Bank of Canada Building at the corner of Wellington and Bank Streets in downtown Ottawa.
For many years, Canada did not have a central bank. Each of the nation's large banks issued its own currency and there was little government regulation of the nation's money supply. The federal finance department only issued small and very large denomination bank notes ($5 and under, and $500 and higher.) The Bank of Montreal, then the nation's largest bank, acted as the government's banker. Canada, with its extensive branch banking, had a very stable banking system. There was deemed to be little need for a lender of last resort and the banking system was not hit by the same...
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