Bank of Canada

**About us** Supporting Canada’s economy, every day **[Our history](https://www.bankofcanada.ca/about/our-history/)** Initially privately owned to ensure political independence, the Bank became a special federal Crown corporation in 1938. The [*Bank of Canada Act*](http://laws-lois.justice.gc.ca/eng/acts/B-2/FullText.html) has been amended many times since our creation, but the preamble has not changed. We still exist “to regulate credit and currency in the best interests of the economic life of the nation.” **[What is a central bank?](https://www.bankofcanada.ca/2024/12/what-is-a-central-bank/)** A central bank promotes economic stability and supports the financial well-being of a country and its citizens. Canada’s central bank is the Bank of Canada. We don’t handle personal banking services—you can’t open an account with us. We act as “the bank for banks,” and we have several areas of responsibility. **[What we do](https://www.bankofcanada.ca/2025/02/what-does-the-bank-of-canada-do/)** To keep Canada’s economy strong and resilient, our work focuses on five key areas: - [Monetary policy:](https://www.bankofcanada.ca/core-functions/monetary-policy/) We use our monetary policy framework to try and keep inflation low, stable and predictable—and close to the targeted rate. - [Financial system:](https://www.bankofcanada.ca/core-functions/financial-system/) We monitor risks and work to ensure Canada’s financial system remains stable and efficient. - [Currency:](https://www.bankofcanada.ca/core-functions/currency/) We design, issue and distribute the country’s secure, innovative and uniquely Canadian bank notes. - [Funds management:](https://www.bankofcanada.ca/core-functions/funds-management/) We manage the government accounts that hold public debt and foreign reserves. - [Retail payments supervision:](https://www.bankofcanada.ca/core-functions/retail-payments-supervision/) We supervise payment service providers in accordance with the *Retail Payment Activities Act*. **[How we’re separate from the political process](https://www.bankofcanada.ca/2025/02/is-bank-canada-independent-from-government/)** Although we are a Crown corporation, we are independent from government. This allows us to take a long-term view of Canada’s economy. - **Independent leadership:** Our Governor and Senior Deputy Governor are appointed by an independent Board of Directors. The Bank sets policy independently within an agreed-upon monetary policy framework. - **Non-voting government role:** The Deputy Minister of Finance participates in Board discussions but cannot vote on any Board decisions. - **Financial autonomy:** We manage our own budget, approved by our Board of Directors.