The Bank of Canada is the official central bank of the sovereign of Canada. It is a key player in determining the direction of Canada’s economy in both the short and long terms. It is also the bank through which Canada’s government maintains its finances. It is not privately owned.
Also known unofficially as the central Bank of Canada (CBC), the Bank of Canada is what is known as a crown corporation. Such corporations are owned and operated by the federal government. They can only be established by an act of Parliament or provincial legislation.
The Bank of Canada is similar to other central banks in its defined roles. There are two roles that comprise most of what it does. The first role is to develop and maintain monetary policy. In other words, the Bank of Canada establishes those policies that govern Canada’s money supply.