Forex
Trump Misinformed on Bank of Canada Operations
US President Donald Trump made an error in understanding how banking works between Canada and the US. Speaking at an Oval Office event, Trump said that the Bank of Canada is a commercial bank with locations south of the border, which is not true.
The Bank of Canada is actually a Crown corporation that oversees banking services on behalf of the federal government, and it does not operate in the US. It sets interest rates, including the current 2.25% benchmark rate, which was held steady as the governor warned of rising inflation.
Trump has made this claim before, but it is false. In reality, several US financial institutions have operations in Canada, including JPMorgan Chase and Citibank, which have a long history in the country.