The Bank of Canada is Canada's central bank. The bank was chartered by and under the Bank of Canada Act on July 3, 1934, as a privately owned corporation. In 1938, the bank was legally designated a federal Crown corporation. The Minister of Finance holds the entire share capital issued by the bank. "The capital shall be divided into one hundred thousand shares of the par value of fifty dollars each, which shall be issued to the Minister to be held by the Minister on behalf of Her Majesty in right of Canada."The essential role of the bank, as Canada's central bank, is to "promote the economic and financial well-being of Canada."This role follows from the purpose of the Bank as set out in the preamble to the Bank of Canada Act: "to regulate credit and currency in the best interests of the economic life of the nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment, so far as may be possible within the scope of monetary action, and generally to promote the economic and financial welfare of Canada".With the exception of the word "Canada" replacing the word "Dominion" the wording today is identical to the 1934 legislation which created the bank. Changes to make the bank a government-owned institution in 1938 did not alter the purpose of the Bank as set out in the preamble to the Bank of Canada Act.More specifically, the responsibilities of the bank are: the formulation of monetary policy; as the sole issuing authority of Canadian banknotes; the promotion of a safe, sound financial system within Canada; and funds management and central banking services "for the federal government, the Bank and other clients." The Bank of Canada headquarters are located at the Bank of Canada Building, 234 Wellington Street in the nation's capital, Ottawa. The edifice also houses the Currency Museum, which opened in December, 1980.To visit Bank of Canada Museum on your trip to Ottawa, use our Ottawa trip planner .
Bank of Canada Museum Reviews
It's free, you can't go wrong here. It's more of a interactive mueseum then a museum that goes deep into the history of Canadian money. I wish they had more details on the process and making of the mo... more »
It was raining as we were going along parliament hill buildings , we found this place and thought to check it out . It was nice that it was free to go inside . They made it interactive sort of so that... more »
Probably one of the best museums I've seen anywhere, with great innovative ways to make the museum fun. The museum uses personalized bracelets that you can use on numerous exhibits for interactive activities, like a video game, fun quizzes, and creating your own banknotes. Great for kids and adults alike.
Went in against some advice, but it was extremely well done. Kids loved it, and it was a nice place to stop into while checking out other sights on the hill. Not busy, but very cool on a hot day. The giant stone coin in the entry way is an interesting artefact.
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