About us
Supporting Canada’s economy, every day
The Bank of Canada is Canada’s central bank. In operation since 1935, we play a vital role in promoting our country’s economic and financial welfare.
Our history
Initially privately owned to ensure political independence, the Bank became a special federal Crown corporation in 1938.
The Bank of Canada Act 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?
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
To keep Canada’s economy strong and resilient, our work focuses on five key areas:
- 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: We monitor risks and work to ensure Canada’s financial system remains stable and efficient.
- Currency: We design, issue and distribute the country’s secure, innovative and uniquely Canadian bank notes.
- Funds management: We manage the government accounts that hold public debt and foreign reserves.
- Retail payments supervision: We supervise payment service providers in accordance with the Retail Payment Activities Act.
How we’re separate from the political process
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.
Why our work matters
From ensuring the money in your wallet holds its value to maintaining trust in Canada’s financial system, our work directly impacts Canadians. We help build a stable economy.
Leadership
Governing Council
The Bank’s Governing Council is our policy-making body. It includes the Governor, the Senior Deputy Governor and the Deputy Governors. Governing Council reaches decisions by consensus and sets the policy interest rate on eight fixed announcement dates each year.
Executive Council
The Executive Council includes the Senior Deputy Governor; the Chief Operating Officer; the Executive Director of Payments, Supervision and Oversight; the Executive Director of Policy; and the Chief of Staff to the Governor. It is the primary management decision-making body within the Bank and supports the decision-making functions of Governing Council and the Board of Directors.
Board of Directors
Our Board of Directors oversees how the Bank is run, including planning, finances, risk management, staffing and internal policies.
Tiff Macklem is our 10th Governor. He was appointed on June 3, 2020 for a term of seven years.
Governor
As the Chief Executive Officer, the Governor controls the Bank's operations, chairs the Board of Directors and leads the Governing Council. The Governor manages monetary policy to achieve the inflation target set jointly by the Bank and the Government of Canada.
Carolyn Rogers was appointed Senior Deputy Governor, effective December 15, 2021 for a term of seven years.
Senior Deputy Governor
The Senior Deputy Governor oversees strategic planning and operations, shares responsibility for monetary policy and serves on the Board of Directors.
Governance documents
Legislation, reports, plans, policies and other documents relating to our governance
Our offices
Where we are across Canada
Contact us
A list of contacts for the general public and media