Behind the Monetary Policy Report: the Bank of Canada, in operation since 1935

Background

Canada's central bank has just issued its Monetary Policy Report, so the institution behind it is worth knowing. The Bank of Canada has been in operation since 1935 and works under the Bank of Canada Act. The Act has been amended many times over, yet its preamble has never been touched: the Bank is there to keep the country's credit and its currency under control, for the good of the national economy. The Bank describes its work in five areas: monetary policy, the financial system, currency, funds management and regulatory oversight. Under currency it designs, issues and distributes the country's bank notes. Under funds management it looks after government accounts that hold public debt and foreign reserves. The inflation target it works to is set jointly by the Bank and the Government of Canada. Tiff Macklem is its 10th Governor, appointed on 3 June 2020 for a seven-year term.