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 ?
Cependant, les limites de cette supposee autonomie monetaire nous ont saute aux yeux le 27 aout dernier, alors que le huard plongeait a des profondeurs abyssales et que la Banque du Canada a du intervenir en augmentant le taux d'escompte a 6 % (soit 1 % plus eleve qu'aux Etats-Unis) pour soutenir le dollar canadien afin de ramener la confiance.
Meme si on peut se questionner serieusement sur l'influence actuelle du Quebec sur la gestion de la politique monetaire canadienne (la Banque du Canada agit en toute independance du pouvoir politique), si le Quebec adopte le dollar americain, cette autre grande peur federaliste devient caduque.
Dans un recent discours, le gouverneur de la Banque du Canada, Gordon Thiessen, a declare:
Notre Banque du Canada serait toujours la, de meme que la Banque de France existe toujours avec l'euro.

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