Bank of Canada, with acronym BOC is the Canadian’s Central bank that administers the country’s monetary policies. The Bank of Canada’s announcements informs Canadians about the interest rates and other financial policies of the government.
BOC was established in line with the Bank of Canada Act of 1934. The Act clearly stated that the BOC was established to promote the economic and financial welfare of Canada.” The Bank of Canada and its governing council are responsible for printing money, setting monetary policies, as well as determining the country’s interest rate.
The responsibility of the Bank of Canada is broadly categorized into four major areas:
- Monetary policy: The Bank of Canada is statutorily mandated to dictate the supply of money circulating in the economy.
- Currency: The BOC is also the sole issuer of Canadian banknotes. The bank is also responsible for funds management.
- Public Debt: The Bank of Canada is also responsible for managing the federal government’s foreign reserves and public Debt.
BOC Meeting Schedule 2020
|January||22||Interest rate announcement and Monetary Policy Report|
|March||04||Announcement of interest rates|
|April||15||Interest rate announcement and Monetary Policy Report|
|June||03||Announcement of interest rates|
|July||15||Interest rate announcement and Monetary Policy Report|
|September||09||Announcement of interest rates|
|October||28||Interest rate announcement and Monetary Policy Report|
|December||09||Announcement of interest rates|