Bank of Canada

It is a Canadian banking company belonging to the government. It offers financial services that include managing monetary policies and its production, issuing bonds, promoting commercial systems, interest rates, operating funds, and more.

History

Before the Great Depression in the 1930s, Canada did not need to have a central bank. But after the economic crisis that followed, the Royal Commission at that time recommended the establishment of a central bank in Canada. Therefore, the Bank of Canada was founded in 1935 as a private company.

Two years later, the entity began to belong to the Federal Government, and in 1938, it was nationalized by a Law. From that moment, it began to execute a set of new activities related to the division of foreign exchange and securities. The current headquarters of the institution, Bank of Canada building at 234 Wellington Street, was built in 1938.

After the Second World War, it acquired a more significant presence because it was the only one that had raised funds during it. That allowed it to supply the country and help with its post-war economic growth. In the 1990s, the bank was in a constant battle against inflation. Subsequently, it focused on establishing several plans to avoid any economic or financial crisis that arises.

Routing Number

It is used to make local transfers fast and secure. The routing number is 017700000.

Number of Employees

Currently, the Bank of Canada has more than 1,700 employees.

Headquarters

Its base is in the city of Ottawa, Ontario, Canada.

Website

Access the official Bank of Canada website: http://www.bankofcanada.ca

Services

  • Monetary policy: It offers the tools to keep inflation low and stable and preserve the value of money.
  • Financial system: It provides central banking services, cash services, and loans of last resort to keep the market stable.
  • Currency: This institution is the only one authorized to provide banknotes to each person in Canada. To achieve that, it establishes several security systems.
  • Financial Management: It offers treasury management services, foreign exchange reserves, administration of current accounts, and securities in Canadian dollars, and more.

Contact

  • Address: 234 Wellington Street, Ottawa, Ontario K1A 0G9.
  • Phone Number: +1 613-782-8111 (Customer Service).