Forex
Trump Misidentifies Bank of Canada as Retail Bank
US President Donald Trump made an error in his understanding of the Bank of Canada during a press conference on Wednesday. He implied that the Bank of Canada is a commercial bank with locations south of the border, suggesting it operates like a retail bank. This is not accurate, as the Bank of Canada is actually a Crown corporation responsible for overseeing banking services for the federal government.
The president also referenced his past claim that Canada does not allow US banks to operate on its soil. However, several U.S. financial institutions have operations in Canada through foreign-owned banks with Canadian subsidiaries.