Bank of Canada

Brief History

Established in July 1934 under the Bank of Canada act. The prime objective for setting up the bank was to regulate credit and currency in the best interests of the state. The bank initially had private shareholders, but in 1938 was nationalised after a number of capital injections by the newly elected government. The bank has the right to sole issue of notes and acts as the lender of last resort and manager of public debt.


Tiff Macklem
Terms of appointment: 7 years

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