Bank of Canada
The Bank of Canada is Canada's central bank. It was created by the Bank of Canada Act of 1934, to "promote the economic and financial well-being of Canada."The bank's current statement of its goals is
- The Bank of Canada's responsibilities focus on the goals of low and stable inflation, a safe and secure currency, financial stability, and the efficient management of government funds and public debt.
It is the sole issuer of banknotes in Canada.
The head of the Bank of Canada is the Governor who is appointed by the bank's board of directors. The governor is appointed for a seven year term and cannot be dismissed by the government. In case of a profound disagreement between the government and the bank, the Minister of Finance can issue written instructions for the bank to change its policies. In practice, the governor sets monetary policy independently of the government.
Bank of Canada Governors
David A. Dodge (2001-)
Gordon Thiessen (1994-2001)
John Crow (1987-1994)
Gerald Bouey (1973-1987)
Louis Rasminsky (1961-1973)
James Coyne (1955-1961)
Graham Towers (1934-1954)
