Bank of Canada

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Bank of Canada

The central bank of Canada. It is structured as a Crown Corporation, which is theoretically owned by the Queen of Canada but is in practice by the Canadian federal government. The Bank of Canada sets the monetary policy for Canada, especially by key interest rates. Lowering and raising interest rates is how the Bank of Canada controls the amount of money in the economy. The Bank's goal in doing this is to keep inflation between 1% and 3% annually in order to promote sustainable growth. It is governed by the Board of Directors of the Bank of Canada and a Governor who is appointed by the Board.