Bank of Canada

The Bank of Canada is the nation's central bank. Its principal role is "to promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. The Bank has four main areas of responsibility. Monetary policy: The Bank influences the supply of money circulating in the economy, using its monetary policy framework to keep inflation low and stable. Financial system: The Bank promotes safe, sound and efficient financial systems, within Canada and internationally, and conducts transactions in financial markets in support of these objectives. Currency: The Bank designs, issues and distributes Canada’s bank notes. Funds Management: The Bank is the "fiscal agent" for the Government of Canada, managing its public debt programs and foreign exchange reserves. Canada’s central bank was founded in 1934 and opened its doors in March 1935. In 1938, it became a Crown corporation belonging to the federal government. The Bank of Canada Act has been amended several times, but the preamble to the Act has not changed. The Bank still exists "to regulate credit and currency in the best interests of the economic life of the nation."

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    • Development in Sovereign Debt Defaults
      June 2021
      Source: Bank of Canada
      Uploaded by: Suraj Kumar
      Accessed On: 16 July, 2021
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      In latest update, the total value of sovereign debt in default at US$443.2 billion in 2020 (0.5 percent of world public debt), up US$143.6 billion (48 percent) from the revised total of US$299.6 billion in 2019. This outpaces the 13 percent increase in gross world public debt. The data by major creditor categories show that the increase was driven mainly by foreign currency bonds in default, which rose by US$121.2 billion. This reflected:new defaults by Argentina, Belize, Ecuador and Surinamea first-time default on foreign currency bonds by Lebanona greater amount of interest arrears from ongoing bond defaults by Venezuela and Puerto Rico Local currency debt in default increased by US$0.9 billion. This was due mainly to Iraq’s restructuring of its short-term debt into debt with longer-term maturities and lower coupon rates.