Bank of Canada Wiki, Interest Rate, Exchange Rate, Prime Rate and Net Worth

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.

Bank of Canada

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.

Banque Du Canada

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
    (2020-Present)
  • Stephen S. Poloz
    (2013‒2020)
  • Mark Carney
    (2008‒2013)
  • David Dodge
    (2001‒2008)
  • Gordon Thiessen
    (1994‒2001)
  • John Crow
    (1987‒1994)
  • Gerald Bouey
    (1973‒1987)
  • Louis Rasminsky
    (1961‒1973)
  • James Coyne
    (1955‒1961)
  • Graham Towers
    (1934‒1954)

Company Profile

Founded

1935

Owners

The British Crown

Founders

Bank of Canada Act

Type

Public, Government Agency

Governor

Tiff Macklem

Industry

Banking

Headquarters

Bank of Canada Building, Ottawa, Ontario, Canada

Official Website

BOC

Employees

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.