Bank of Canada
Okay kiddo, have you ever saved up your allowance in a piggy bank? That's a bit like what the Bank of Canada does, but for the whole country. They look after all the money that we use in Canada and help to make sure that it's worth the right amount and is safe for us to use.
The Bank of Canada helps to control the amount of money in the country by setting interest rates. This affects how much people want to save or spend, and affects how much businesses want to borrow or lend. The Bank of Canada also makes sure that the Canadian dollar is worth about the same as other currencies around the world.
When people save their money in a bank, the bank can lend that money to other people or businesses who need it. But banks also have to make sure that they keep enough money on hand to give to their customers if they want to withdraw it. The Bank of Canada helps to make sure that all the banks in Canada have enough money on hand to do this, and can help out if any banks are in trouble.
Overall, the Bank of Canada is like a big piggy bank for the whole country, making sure that we have enough money and that it's worth the right amount.
The Bank of Canada helps to control the amount of money in the country by setting interest rates. This affects how much people want to save or spend, and affects how much businesses want to borrow or lend. The Bank of Canada also makes sure that the Canadian dollar is worth about the same as other currencies around the world.
When people save their money in a bank, the bank can lend that money to other people or businesses who need it. But banks also have to make sure that they keep enough money on hand to give to their customers if they want to withdraw it. The Bank of Canada helps to make sure that all the banks in Canada have enough money on hand to do this, and can help out if any banks are in trouble.
Overall, the Bank of Canada is like a big piggy bank for the whole country, making sure that we have enough money and that it's worth the right amount.