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Bank of Canada (BoC)

www.bankofcanada.ca

The bank of Canada is the central bank of the country. It was founded in 1935 as a joint-Stock Company; however commercial banks and their officials, as well as foreigners could not be holders of its shares. Later the Government of Canada repurchased shares, owned by private owners, thereby strengthening the position of the Bank as the central. 

The Bank of Canada carries out its activity on the basis of the Law about Bank of Canada, dated July 03, 1934. In accordance with the mentioned act, the role of the Bank of Canada is to promote the economic growth and financial welfare of Canada. 

General obligations of the Bank of Canada

Carrying out of money-credit policy 

The monetary policy of the bank is based on two general components: 

  • Inflation control and retention system; 
  • Flexible exchange rate.

The cornerstone of the monetary policy of the bank of Canada is the system of control and retention of the inflation on the level of 2% with floating from 1 up to 3%. This system provides the distinct estimation of the monetary policy effectiveness, and also improves the foreseeability of the inflation. 

The basic instrument of the monetary policy of the Bank of Canada influences the short-term interest rate by way of changing the rate on overnight credits. The bank annually carries out 8 meetings, at which the decision about the target level for the overnight rate is made. At the present moment the target level of the rate makes 1.00%.

Issue of bank notes 
The Bank of Canada carries out the monopoly right of the bank notes issue in circulation. The Bank creates the design, produces and exchanges the worn out banknotes. 
Ensuring of stability and efficiency of the country’s financial system 

The financial system of Canada consists of banks, credit unions and other similar organizations. The Bank of Canada regularly provides liquidity support to the financial establishments – members of the financial system, thereby promoting settlement of payments within the payment system of the country. 

As the creditor of the final instance, the Bank of Canada provides the urgent liquidity for the members of the financial system, facing the serious problems of financing. 

It is necessary to note that the bank of Canada is not engaged in direct regulation of any financial establishments and does not consider claims of customers in relation to them. These tasks are performed by the Office of the Superintendent of Financial Institutions, OSFI and the Financial Consumer Agency of Canada, FCAC.

The Bank of Canada is tightly connected with financial markets of the country within the framework of its activity in the exchange market, management of the state securities and influence on the exchange rates by way of changing the rate on overnight credits.

The Bank of Canada takes active part in organization of activity of charge systems and clearing payments systems. The Bank of Canada controls the most important systems, which allow the financial establishments, using it, to be confident in their security and effectiveness. 

Funds management 
  • Strategic planning;
  • Settlement of matters on finances and accounting;
  • Risks management;
  • Settlement of personnel affairs;
  • Settlement of other matters, connected with the internal policy. 

Organization structure

Board of Governors

The current activity of the Bank of Canada is carried out by the Board of Governors, consisting of 6 persons.

The Board of Governors includes the Head, the first deputy Head and four deputies. The Board of Governors determines the monetary policy, relating to the financial system, i.e. the organ, ensuring the daily management of the Bank. Decisions on the exchange rate are made on the basis of consensus. 

The current structure of the Board of Governors: 

  • Stieven Poloz (Governor)
  • Carolyn Wilkins (Senior Deputy Governor)
  • Agata Kote (Deputy Governor)
  • Timoti Lein (Deputy Governor)
  • Lynn Patterson (Deputy Governor)
  • Lawrence Shembri (Deputy Governor)
Departments

1. Department of Scientific Researches. The basic task is to provide management of the Bank with analysis of the Canadian economics. 

2. Department of Financial Markets. Performs functions of the operative and analytical nature, i.e. carrying out the monetary policy, management of the state finances, monitoring the financial markets for improvement of the monetary policy, etc. 

3. Department of Monetary and Financial Investigations. Carries out investigations, connected with the financial sector, closely monitors its activity and provides reports to promote the development and execution of the monetary policy of the Bank of Canada. 

4. Department of International Relations. Carries out the point analysis of the modern development and foresees the economic condition abroad, provides analysis and opinions on the matters of interest to the international financial authorities, including the International Monetary Fund, and conducts researches on the topics, related to the international financial markets and the state of affairs in the economy abroad. 

5. Department of Services to the Higher Management and Legal Services. Participates in management of the Bank of Canada, providing assistance in decision making to the management and administration. Also the Department provides the legal services to the Bank of Canada and represents it as a legal person. 

6. Department of Banking Operations. Provides services of the Bank of Canada, including the currency issue and servicing of the clients. 

7. Public relations Department. Assists the Bank in manifestation of the openness and transparency. One of the main priorities is to support the management, which plays a major role in relations, connected with the monetary policy of the Bank of Canada. 

8. Control Department. Carries out obligations on the execution of the independent estimation of transactions of the Bank of Canada on behalf of the executive management and bank directors. 

9. Department of Debt Management. Performs provision of administrative services and presentation of guidelines on the program of the government debt management.

10. Department of Common Services. Controls all other matters, from the management of employees to purchase of equipment. 

Other

Schedule of meetings for 2014
  • January 22
  • March 5
  • April 16
  • June 4
  • July 16 
  • September 3
  • October 22
  • December 3
Schedule of meetings for 2015
  • January 21
  • March 4
  • April 15
  • May 27
  • July 15
  • September 9
  • October 21
  • December 2
Schedule of meetings for 2016
  • January 20
  • March 9
  • April 13
  • May 25
  • July 13
  • September 7
  • October 19
  • December 7
Schedule of meetings for 2017
  • January 18
  • March 1
  • April 12
  • May 24
  • July 12
  • September 6
  • October 25
  • December 6

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