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.

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Rahul Sunny answered 2 years ago

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