About Bank Of Canada (BOC)
Bank rate: 1.00%
Governor: Stephen Poloz
Headquarters: Ottawa, Canada
Stephen Poloz is a Canadian Banker, born in 1956. He is the 9th Governor of Bank of Canada. He is also a member of the board of directors for the Bank of International Settlements. He was appointed on the 3rd of June 2013. He is a former head of Export Development Canada.
What is Bank of Canada (BOC)
Bank of Canada is Canada’s Central Bank. Their main principle is to promote the economic and financial welfare of Canada. The BOC was founded in 1935, and their currency is the Canadian Dollar (CAD).
The main key responsibilities of Bank Of Canada
- Monetary policy
- Funds management
- Financial systems
The main objective of the Monetary Policy is to safeguard the value of money in Canada, by keeping the inflation low and stable. When the inflation is low, it allows the Canadians to invest more with confidence, which will also lead to sustainable job creations. Overall, the low inflation will lead to the improvement of Canadians cost of living. Monetary policy is always forward looking and the policy rate setting is based on the Bank’s judgment of where inflation is likely to be in the future, not what it is today. Bank of Canada’s key Interest Rate’s meetings are scheduled 8 times a year. The recent one was on the 6th of September 2017, where the Bank of Canada hiked their interest rates by 25 basis points. To learn more about the importance interest rates in the Forex markets, read HERE.
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