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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's four main areas of responsibility are:
- 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.
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The Bank of England is the central bank of the United Kingdom. Sometimes known as the "Old Lady" of Threadneedle Street, the Bank was founded in 1694 with a founding charter that stated its purpose was to "promote the public good and benefit of our people".
The Bank of England's purpose today reflects that vision first articulated by our founders. Our mission: to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.
Originally established as a privately-owned institution, the Bank of England was nationalised after the Second World War, but retained its broad – but largely informal – public service mission.
This changed in 1997, when Parliament voted to give the Bank operational independence with a clear remit to pursue price stability, which had been the most significant challenge facing macroeconomic policymaking for the previous two decades.
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The ECB is the central bank for Europe's single currency, the euro. The ECB’s main task is to maintain the euro's purchasing power and thus price stability in the euro area. The euro area comprises the 19 European Union countries that have introduced the euro since 1999.
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The Federal Reserve, the central bank of the United States, was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve carries out the nation’s monetary policy guided by the goals set forth in the Federal Reserve Act, namely "to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates." The link between monetary policy and the economy occurs in the market for reserves. Reserves are balances held by depository institutions on deposit at the Federal Reserve Banks and the cash they hold in their vaults. Certain regulations and policies of the Federal Reserve affect the supply of and demand for reserves, such as those governing reserve requirements and lending by the Federal Reserve Banks to depository institutions. The Federal Reserve also collects regulatory and supervisory reports from financial institutions and other entities to carry out its various responsibilities. In addition to their role in monetary policy and banking supervision, each Federal Reserve Bank acts as a bank for banks and for the government.
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The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes. The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.
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Since 1935, when we began operations, we have stood at the centre of India's financial system, with a fundamental commitment to maintaining the nation's monetary and financial stability.
From ensuring stability of interest and exchange rates to providing liquidity and an adequate supply of currency and credit for the real sector; from ensureing bank penetration and safety of depositors' funds to promoting and developing financial institutions and markets, and maintaining the stability of the financial system through continued macro-financial surveillance, the Reserve Bank plays a crucial role in the economy. Our decisions touch the daily life of all Indians and help chart the country's current and future economic and financial course.
Over the years, our specific roles and functions have evolved. However there have been constants, such as the integrity and professionalism with which the Reserve Bank discharges its mandate.