Printer Friendly
Dictionary, Encyclopedia and Thesaurus - The Free Dictionary
3,902,456,986 visitors served.
forum Join the Word of the Day Mailing List For webmasters
?
Dictionary/
thesaurus
Medical
dictionary
Legal
dictionary
Financial
dictionary
Acronyms
 
Idioms
Encyclopedia
Wikipedia
encyclopedia
?

Bank of Canada
(redirected from Central Bank of Canada)

   Also found in: Financial, Wikipedia 0.01 sec.

Bank of Canada

Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. It is directed by the Canadian Ministry of Finance; all profits go to the Receiver General of Canada.


Bank of Canada 

the state joint-stock, central issue bank of Canada. Founded in 1934, it is the “banks’ bank” in that country, regulating the interest rate and the norms of obligatory reserves for commercial banks.

The Bank of Canada acts as banker for the government of the dominion and the provinces, carries out the monetary operations connected with their budgets and manages the state debt, buys, and sells government paper on the open market, represents Canada in international credit organizations, and carries out transactions involving gold and foreign currency. The bank has agencies in each province. In 1944 it created a subsidiary organization, the Industrial Development Bank, for long-term financing of industry, transportation, and construction, with capital of $25 million (Canadian dollars) that belongs entirely to the federal government. The joint-stock capital and reserves of the bank for the beginning of 1969 were $30 million, the balance was $4,636 million, with an issue of bank notes of $3,229 million, deposits of commercial banks of $1,114 million, deposits of the government of $47 million, and investments in the Industrial Development Bank of $354 million. Currency reserves of the Bank of Canada and the Currency Fund of Canada amounted to $3.0 billion; of that amount $923 million was in gold and the rest almost entirely in US dollars.



Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content.
?Page tools
Printer friendly
Cite / link
Feedback
Mentioned in?  References in periodicals archive?   Encyclopedia browser?   Full browser?
No references found
 
uk The central bank of Canada has opined that new banking rules would boost the economy.
7 percent projected by most economists and provides fodder for the central Bank of Canada to raise rates from the current record low 0.
uk The central bank of Canada has increased its interest rate.
 
Central Bank of Canada
 
 
Encyclopedia
?

Terms of Use | Privacy policy | Feedback | Advertise with Us | Copyright © 2012 Farlex, Inc.
Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.