Mandate and planning framework

Mandate

The Bank of Canada is the nation’s central bank. Its mandate, as defined in the Bank of Canada Act, is “to promote the economic and financial welfare of Canada.” The Bank’s vision is to be a leading central bank—dynamic, engaged and trusted—committed to a better Canada.

The Bank has four core functions:

• Monetary policy: The Bank’s monetary policy framework aims to keep inflation low, stable and predictable.
• Financial system: The Bank promotes safe, sound and efficient financial systems within Canada and internationally.
• Currency: The Bank designs, issues and distributes Canada’s bank notes.
• Funds management: The Bank acts as fiscal agent for the Government of Canada, managing its public debt programs and foreign exchange reserves.

Efficient, cost-effective and innovative operations enable the Bank to achieve its business objectives.

Planning framework

The Bank’s robust planning framework puts its vision and mandate into practice. Every three years, the Bank establishes a medium-term plan (MTP) to set out its strategic direction, goals and indicators of success.

The MTP:

• helps the Bank anticipate and adapt to the realities of its operating environment
• guides annual planning and budgeting activities
• serves as the foundation for departmental and employee performance agreements

Reporting

The Bank is committed to:

• publishing information about how it works
• reporting on its financial and non-financial performance during the year