Introducing the Bank of Canada: Canada's Central Bank
An Overview of the Institution
The Bank of Canada is Canada's central bank, responsible for managing the country's monetary policy and financial system. Established by the Bank of Canada Act, the Bank is an independent, non-profit institution.
Key Objectives and Responsibilities
The Bank's primary objectives include maintaining price stability, promoting economic growth, and managing financial risks. It achieves these goals through various monetary policy tools, such as setting interest rates and conducting open market operations.
Additionally, the Bank oversees the financial system, regulates financial institutions, and promotes the stability of the financial sector.
Non-Banking Services
It is important to note that the Bank of Canada is not a commercial bank and does not offer banking services to the public. It focuses solely on its central banking mandate and does not engage in retail banking activities.
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