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Bank of Canada: Functions by Jonathan Samaroo

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Bank of Canada: Functions by Jonathan Samaroo

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Welcome to my Bank of Canada: Functions padlet

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Welcome to my Bank of Canada: Functions padlet

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Here you will find interesting information on the functions of the Bank of Canada, that I would like to share. I have listed 3 videos, 3 websites and 3 images I feel are interesting and relevant to the topic.

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Video #2 - "The Transmission of Monetary Policy - Whiteboard"

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Video #2 - "The Transmission of Monetary Policy - Whiteboard"

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This video reveals in detail, the transmission of monetary policy. Specifically, it covers how the changes in the Bank of Canada’s policy rate affects the economy and inflation. I believe this relevant to the topic as it goes into detail of Canada’s monetary policy and the main instruments they use to implement it. An interesting piece of information I found was they aim to keep the annual inflation rate around 2%, by using the CPI as a measure.

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The Transmission of Monetary Policy - Whiteboard

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Video #3 - "What is the Bank of Canada and the "Infrastructure Bank" - CBR Minutes" 

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Video #3 - "What is the Bank of Canada and the "Infrastructure Bank" - CBR Minutes" 

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This reveals the history of the bank of Canada, the reasons its functions are useful and necessary in the Canadian economy. I believe this video was relevant to the topic, as not only is it useful to know the current functions, but the reason it was founded, and how its evolved. An interesting piece of information I found in this video is the explanation of infrastructure bank proposed by the government of Canada.

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What is the Bank of Canada and the  "Infrastructure Bank" - CBR Minutes

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This website communicates the general information about the bank of Canada. It explains what the bank does, who runs the bank, that it is separate from the political process, requirements of the bank, and its history. I found this page to be relevant to the topic, as all the general information necessary for those looking for information on the bank. One useful piece of information I found is that the bank is a special crown corporation, where although it is owned by the federal government, it had a considerable amount of independence to carry out its responsibilities.

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Separate from the Political Process

The Bank of Canada is a special type of Crown corporation, owned by the federal government, but with considerable independence to carry out its responsibilities. For example:

The Governor and Senior Deputy Governor are appointed by the Bank's Board of Directors (with the approval of Cabinet), not by the federal government.

The Deputy Minister of Finance sits on the Board of Directors but has no vote.

The Bank submits its expenditures to its Board of Directors. Federal government departments submit theirs to the Treasury Board.

Bank employees are regulated by the Bank itself, not by federal public service agencies.

The Bank's books are audited by external auditors appointed by Cabinet on the recommendation of the Minister of Finance, not by the Auditor General of Canada.

Having an independent monetary institution allows for the separation of the power to spend money from the power to create money. Separating the central bank from the political process enables it to adopt the medium- and long-term perspectives essential to conducting effective monetary policy.

The Bank is committed to publishing information about how it works.

Reports, statements, public surveys and plans are available in the governance documents section.

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The Bank of Canada is a special type of Crown corporation, owned by the federal government, but with considerable independence to carry out its responsibilities. For example: The Governor and Senior Deputy Governor are appointed by the Bank's Board of Directors (with the approval of Cabinet), not by the federal government.

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This website communicates the core functions of bank of Canada. Where the previous link explained about the bank itself, this link explains its functions. Specifically they are Monetary Policy, Financial systems, Currency and Funds Management. This website is extremely relevant to the topic; alone I feel it would be sufficient to explain the functions of the bank. One interesting piece of information I found, was that their Funds Management function; where the bank of Canada works as the fiscal agent for the Canadian government.

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Learn all about the main areas of responsibility of the Bank of Canada.

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This website communicates more information on the bank of Canada, specifically what is the bank of Canada, its areas of responsibility, and functions. I feel this was relevant to the topic as it also included statistics on how the Bank manages inflation via the monetary policy. A piece of information I found interesting was that the interest rate is decided eight times a year, and through this, can affect the economy (example: cuts are used to boost the economy).

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What is the 'Bank Of Canada - BOC'?

The Bank of Canada (BOC) was established in 1934 under the Bank of Canada Act. The Act stated that the Bank of Canada was created "to promote the economic and financial welfare of Canada." The BOC and its Governor are responsible for setting monetary policies, printing money and determining the interest rate of Canadian banks.

BREAKING DOWN 'Bank Of Canada - BOC'

The BOC has four main areas of responsibility: monetary policy, which dictates the supply of money circulating in the Canadian economy; currency, the design and issuing of Canada's bank notes, and managing funds. The BOC manages the Canadian government's public debt and reserves of foreign exchange.

Canada's former Prime Minister, William Lyon Mackenzie King, officially signed the Bank of Canada Act into law. In 1938, the BOC was legally designated as a federal crown corporation. Prior to the signing of the law, Canada's largest bank, the Bank of Montreal, acted as the government's banker.

The BOC Governor is responsible for many of the bank's functions. The first Governor, Graham F. Towers, served for 20 years. The BOC Governor serves for a seven-year term and is elected by the board of directors. Governor Stephen Poloz has served since 2013 and is the bank's ninth Governor. The members of the board of directors are appointed by Canada's Minister of Finance and serve for three-year terms.

The BOC and the Interest Rate

Setting the interest rate is one of the most important roles of the BOC. Canada's monetary policy framework is designed to keep inflation low and stable. The interest rate is decided eight times a year. In 2007, the interest rate was above 4% before being lowered, over time, to 1% in 2010. The rate was cut twice in 2015 to the current 0.5% level. This rate is the interest charged when banks lend money to each other. Rate cuts are typically imposed to boost the economy.

Other Functions of the BOC

Creating the national currency for Canada is another important task of the BOC. The Governor's responsibility is to provide money that is difficult to counterfeit and that has an authentication process in place. Canada contracts the printing of money to an outside printing company. The Governor's printed signature appears all Canadian paper money.

The BOC's headquarters are 234 Wellington Street in the city of Ottawa. This is where the bank has operated since 1980 after several relocations. Regional Bank of Canada offices are located in Vancouver, Calgary, Toronto, Montreal and Halifax.

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The Bank of Canada (BOC) was established in 1934 under the Bank of Canada Act. The Act stated that the Bank of Canada was created "to promote the economic and financial welfare of Canada." The BOC and its Governor are responsible for setting monetary policies, printing money and determining the interest rate of Canadian banks.

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Video #1 - "Bank of Canada: Count On Us"

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Video #1 - "Bank of Canada: Count On Us"

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This video reveals how the bank of Canada functions, including how they promote a healthy economic system in Canada. They begin the video with the question what makes our money useful, and valuable. This video is relevant to the topic, as one of the key functions of the bank of Canada is maintaining economic stability. Although this topic was covered in class, I found it interesting that in order to achieve this stability, they aim for an average annual inflation rate of 2%, through using a monetary policy.

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In plain language, then Governor Mark Carney and eight Bank staffers describe how this complex institution promotes the economic welfare of all Canadians.

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This is an image of the governing council for the Bank of Canada; the policy-making body. The council is made up of the governor, senior deputy governor, and for deputy governors.

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This is an image of the governor for the Bank of Canada, Stephen S. Poloz. He is the Banks CEO, and ultimately has full control over the business of the Bank.

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This is an image of the senior deputy governor (deputy executive), Carolyn Wilkins. One of her main responsibilities is to oversee the Bank's strategic planning and operations.

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Word file with reflective questions answered

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Word file with reflective questions answered

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Jonathan Samaroo - Assignment 2 - Post #12.docx