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.” Its vision is to be a leading central bank—dynamic, engaged and trusted—committed to a better Canada.

The Bank has five core functions:

• Monetary policy—to keep inflation low, stable and predictable
• Financial system—to promote safe, sound and efficient financial systems within Canada and internationally
• Currency—to design, issue and distribute Canada’s bank notes
• Funds management—to act as fiscal agent for the Government of Canada, advising on and implementing its public debt and foreign exchange reserve strategies
• Retail payments supervision—to supervise payment service providers in order to build confidence in the safety and reliability of their services and to protect users from specific risks1

Efficient, cost-effective and innovative operations help the Bank achieve its mandate and business objectives.

Planning framework

A robust planning framework puts the Bank’s vision and mandate into practice. Every three years, the Bank develops a strategic plan to establish its goals, priorities and measures of success.

The strategic plan:

• 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

In 2021, the Bank concluded its 2019–21 medium-term plan, Leading in the New Era. This plan was built on a foundation of three themes and helped bring to life the Bank’s vision.

In September, the Bank launched its 2022–24 strategic plan, Delivering on Our Promise. This strategic plan takes a higher-level approach than previous plans. Its five overarching themes provide a framework to guide decision making while leaving room for the flexibility and agility needed in a changing environment.

Reporting

The Bank is committed to:

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