The Bank of Canada or BOC is the apex authority that can make monetary policies that are bound within Canada. In other words, it is the central bank in Canada.
In French, (as Canada is also a French-speaking country) the bank is called Banque du Canada and it is a crown corporation. This is due to the fact that Canada is still under the Royal Crown in England and the British government in some aspects.
With its financial authority, the apex bank is expected to roll out policies that will keep the economy in shape no matter the challenges that might arise. This as the bank is quoted “will lead to a better Canada”.
Bank of Canada Wiki and History
The Canadian Central Bank which is also known as Banque Du Canada was founded in March 1935. Prior to this, the Canadian government had seen no reason to open a central bank that would oversee monetary related issues. You see, at that time, the country was mainly a rural area, and whereas there were local banks all over the country which were sufficient enough to cater for any money-related issues.
In the 1930s, the Great Depression hit and it affected the country. This led to the establishment of the Bank of Canada by PM R.B. Bennett’s government in 1935 with Graham F. Towers becoming the first Governor of the central bank. He would go on to lead the organization for two (2) decades. By 1938, it became a publicly-traded company.
All of the Governors of the Bank of Canada include the following:
- Tiff Macklem
- Stephen S. Poloz
- Mark Carney
- David Dodge
- Gordon Thiessen
- John Crow
- Gerald Bouey
- Louis Rasminsky
- James Coyne
- Graham Towers
|The British Crown|
|Bank of Canada Act|
|Public, Government Agency|
|Bank of Canada Building, Ottawa, Ontario, Canada|
|1000 – 5000|
Bank of Canada Interest Rate and Prime Rate
As at the time this post was last updated (April 2021) the policy interest rate stands at 0.25% while the prime rate is at 2.45%.
For more detailed and up to ten-year data regarding the bank’s interest rate, you will have to visit here.
Bank of Canada Exchange Rate
The exchange rate of the Canadian currency as against other foreign currencies is published every day by the Bank of Canada by 16:30 ET (Eastern Time). You can view it officially here or use our currency converter below to check exchange rates.
Apart from the exchange rates which are published daily, the Bank also publishes average rates every month & annually by 16:30 ET (Eastern Time) and every last business day by 12:30 ET (Eastern Time) respectively.
Bank of Canada Currency Converter
You can convert any currency with this converter below.
Currency Converter: CAD/USD
Bank of Canada Net Worth
No figure is available as the estimated net worth of this organization.
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