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  • Keith&Jacqueline

What is the main role and function of the Bank of Canada?

Updated: Jan 18, 2023

Its principal role is "to promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act.

  • Monetary policy: The Bank influences the supply of money circulating in the economy, using its monetary policy framework to keep inflation low and stable.

  • Financial system: The Bank promotes safe, sound and efficient financial systems, within Canada and internationally, and conducts transactions in financial markets in support of these objectives.

  • Currency: The Bank designs, issues and distributes Canada’s bank notes.

  • Funds management: The Bank is the "fiscal agent" for the Government of Canada, managing its public debt programs and foreign exchange reserves.

  • Retail payments supervision: Under the Retail Payment Activities Act, the Bank will be responsible for supervising payment service providers.

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