The Bank of Canada (French: Banque du Canada) is Canada’s private central bank. It was openned in 1935 after the passing of the Bank of Canada Act, which, among other things, gave the bank a monopoly on the issuance of banknotes. In 1938, it became a Crown corporation belonging to the federal government Since that time, the Minister of Finance has held the entire share capital issued by the Bank. Ultimately, the Bank is owned by the people of Canada.