Bank of Canada


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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.

References in periodicals archive ?
The announcement was a joint statement by the Minister of Finance, Michael Wilson, of the ruling Conservative Party, and the Governor of the Bank of Canada, John Crow.
Gerald Bouey, Governor of the Bank of Canada, followed.
Release date- 29082019 - National Bank of Canada is proud to announce that it has become a founding signatory of the United Nations' (UN) Principles for Responsible Banking.
Royal Bank of Canada (RBC.TO) has been named in a Facebook privacy scandal.
None of National Bank of Canada and its employees were involved in these trading activities, nor to our knowledge is National Bank of Canada or any of our employees the subject of these investigations.
16 September 2011 - National Bank of Canada (TSE:NA) is close to sealing a deal to take over the British banking group HSBC's (LON:HSBA) retail brokerage unit in Canada, the Globe and Mail newspaper reported.
Global Banking News-September 9, 2010--Central bank of Canada increases interest rate(C)2010 ENPublishing - http://www.enpublishing.co.uk
Knight, 58, senior deputy governor of the Bank of Canada since 1999, succeeded Andrew Crockett, who in almost a decade transformed the BIS from an exclusive forum for major central bank governors into a global service institution for central banks.
From left: TEI President Ray Rossi, Toronto Chapter Treasurer Sherrie Ann Pollock of Royal Bank of Canada, Auditor General of Canada Sheila Fraser, and TEI Region r Vice President Mario Tombari.
The May 29 ceremony, the second of two such events staged by Northern Ontario Business, delivered inspirational messages from keynote speaker Simone Desjardins, a senior vice-president with the Business Development Bank of Canada (BDC) and from the testimonials offered by the two award winners selected for the northeast region.
BANKING AND CREDIT NEWS-December 20, 2018--Royal Bank of Canada named in Facebook privacy scandal
M2 EQUITYBITES-November 7, 2018--National Bank of Canada to launch exchange-traded funds

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