what is the bank of canada?

Expert Solution

The bank of Canada is the central bank of canada. The bank of Canada was established according to the Bank of Canada Act in 1934. The headquarters of the bank is in Ontario.

The primary duty of the bank is to formulate the Canada's central policy and to encourage a good and safe financial system in Canada.

The bank of Canada has the sole authority to issue the currency of Canada. The bank has also the duty to provide banking services and money management to the government of Canada. The bank also provide money loans to the Candian financial institutions.

Governor is the head of The bank. The Bank of Canada Act provides the power to the board of directors to appoint the governor. However at present they approve the choice of government. Tiff Macklem is the current governor of the bank.

PLEASE GIVE AN UP VOTE IF YOU ARE SATISFIED WITH MY ANSWER. LEAVE FEEDBACK IN THE COMMENT BOX. THANK YOU!

Rahul Sunny answered 1 year ago

Does Canada need a bank owned by the government (Business Development Bank of Canada) to support...

Does Canada need a bank owned by the government (Business Development Bank of Canada) to support small businesses and entrepreneurs, or would the existing private-sector banks be enough? Would the Big 5 banks lend money to these businesses if the BDC did not exist? (Long answer required)

List 3 tools of Bank of Canada for monetary control. Explain how Bank of Canada uses...

List 3 tools of Bank of Canada for monetary control. Explain how Bank of Canada uses the open market operations under regular circumstances and when does it use quantitative easing. How quantitative easing is different from the Bank’s regular open market operation.

1(a)What financial benefit does the Government of Canada receive when the Bank of Canada buys its...

1(a)What financial benefit does the Government of Canada receive when the Bank of Canada buys its newly issued bonds rather than the Canadian private sector? (b)What limits the Bank of Canada from buying all of the newly issued bonds issued by the Government of Canada? Explain in detail

What are the main liabilities of Bank of Canada? Explain. Under what circumstances will these liabilities...

What are the main liabilities of Bank of Canada? Explain. Under what circumstances will these liabilities change? Provide examples.

what is Global citizenship profile of Royal Bank of Canada and Citizenship worldwide?

Discuss the differences between Bank of England and Bank of Canada in detail.

What actions taken by the Bank of Canada in 2015 and 2016 would you expect to...

What actions taken by the Bank of Canada in 2015 and 2016 would you expect to have influenced real GDP growth in 2018? Explain how those policy actions would transmit to real GDP. In 2015 and 2016, the Bank of Canada kept the overnight rate low. This policy would transmit to real GDP by all of the following except ______ A. an increase in net exports B. an increase in investment C. an increase in consumption expenditure D. an increase...

- What policy instruments, if any, the Bank of Canada is using in response to COVID-19?...

- What policy instruments, if any, the Bank of Canada is using in response to COVID-19? Do you think these are adequate to avoid a recession? Read the following articles to formulate your idea and discuss the above question: "Bridge to Recovery: The Bank’s COVID-19 Pandemic Response" "Bank of Canada cuts rates in response to COVID-19" "This is what the Bank of Canada has left in its arsenal to fight the coronavirus downturn"

11. When the Bank of Canada buys bonds from a chartered bank, chartered bank reserves A)...

11. When the Bank of Canada buys bonds from a chartered bank, chartered bank reserves A) decrease and chartered banks make additional loans. B) increase and chartered banks reduce loans. C) decrease and chartered banks reduce loans. D) decrease and interest rates fall. E) increase and chartered banks make additional loans. 12. If Canadian interest rates rise, the value of the Canadian dollar ________ and net exports ________. A) appreciates; increase B) appreciates; decrease C) depreciates; increase D) depreciates; decrease...

III. Discuss Canada’s central bank – The Bank of Canada – in detail. Discuss all the...

III. Discuss Canada’s central bank – The Bank of Canada – in detail. Discuss all the features below 1. The origins of the bank 2. The formal structure of the bank 3. The four main areas of responsibility 4. The independence – make a case for and against independence of the bank 5. What are the implications of the presence of the Bank of Canada with respect to the changing nature of the world today?

Question