Bank of Canada is Canada’s central bank—that is, a government agency that controls credit and currency, and seeks to promote the country’s economic well-being. The Bank of Canada does not accept deposits from individuals. Instead, it provides services for the government, for commercial banks, and for other organizations and institutions. The Bank of Canada regulates Canada’s money supply, manages the public debt, and advises the government on economic matters. It has the sole right to issue paper money for circulation in Canada.
The Bank of Canada was founded as a private corporation in 1934. It became part of the Canadian government in 1938. Its headquarters are in Ottawa.
