Bank of Canada
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The Bank of Canada is the nation's central bank. We are not a commercial bank and do not offer banking services to the public. Rather, we have responsibilities for Canada's monetary policy, bank notes, financial system, funds management. Our principal role, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada."
The principal role of the Bank of Canada, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada." The bank's current mission statement 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.
In practice, however, it has a more narrow and specific internal definition of that mandate: to keep the rate of inflation (as measured by the Consumer Price Index) between 1% and 3%. Since the Bank's creation, the average annual inflation rate was 3.13%.[8] The most potent tool the Bank of Canada has to achieve this goal is its ability to set the interest rate for borrowed money. At one time the Bank of Canada could dictate the amount of reserves that Canadian chartered banks must keep but that power was removed in the early 1990s.
Since 1998, the Bank's policy has been to intervene in the foreign exchange market only under exceptional circumstances. In this sense, the fiat Canadian dollar's value is determined by the market supply and demand for Canadian currency.