The Bank of Canada (“BOC”) is the central Canadian bank, established in 1934. It is responsible for mandating monetary policies, printing, issuing and designing Canada’s bank notes, managing funds and determining the country’s banks’ interest rates.
The BOC has an inflation target of between 1-3%, and has largely done a fantastic job of keeping Canadian inflation within that band since 1998.
All monetary policy decisions within the BOC are made by its Governing Council, consisting of the BOC’s governor, the senior deputy governor and four deputy governors. The Governing Committee meets eight times per annum.