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Development of BMO Bank
[加国往事](shuo.news.esnai.com) 1.Due to the historical background of the*Great Depression, *BMO Bank** encountered an unprecedented crisis, but in 1939, total assets exceeded the Canadian dollar mark of one billion Canadian dollars for the first time. -
Fall in Canadian dollar exchange rate
[A History of the CANADIAN DOLLAR](bankofcanada.ca) As world tensions increased and money moved to the safety of the United States, the Canadian dollar came under significant pressure in the final days of August 1939, with its homeland losing about six percent against the U.S. dollar. -
Capital changes
[A History of the CANADIAN DOLLAR](bankofcanada.ca) By 1939, the United States had become Canada's largest source of foreign capital, and there were concerns that neutral U.S. residents would not want to hold securities of belligerent nations. -
Legal updates
[A History of he CANADIAN DOLLAR](bankofcanada.ca) On July 5, 1935,royal Assent was given to the Exchange Fund Act, a law whose primary purpose was to provide funds that could be used to "help control and protect the external value of the Canadian currency unit"
As Canada entered World War II.The provisions of the Exchange Fund Act to use the fund to protect the value of the Canadian dollar came into effect on September 15, 1939. -
Updates to the war years system
[A History of the CANADIAN DOLLAR](bankofcanada,ca) On September 15, 1939, Canada passed an order, under the authority of the*War Measures Act, the *Exchange Control Order** (subject to the approval of the Minister of Finance, establishing the exchange rate of the Canadian dollar against the United States dollar) on September 16 Effective on the same day, the Exchange Fund account was activated at the same time to hold Canadian gold and foreign exchange reserves. -
Foreign exchange controls
[A History of the CANADIAN DOLLAR](bankofcanada.ca) On April 30, 1940, the Foreign Exchange Acquisition Order further strengthened controls. Canadian residents, including Canadian banks, are required to sell (with limited exceptions) all foreign exchange they own to the Federal Exchange Commission -
Development of BMO Bank
[加国往事](shuo.news.esnai.com) During World War II（1939-1945）, BMO Bank's business center focused on preserving its business and strength and supporting the victory of World War II. In March 1942, the BMO general manager was appointed chairman of the Canadian federal government's National War Finance Committee -
Development of BMO Bank
[加国往事](shuo.news.esnai.com) With the war and the Great Depression, BMO Bank's business suffered further decline, and the number of banks dropped sharply. -
Changes in spending enities
[The uae of Canadian bank notes](bankofcanada.ca) The ratio of the value of banknotes outside banks to households has declined steadily since 1945 due to the increased use of checks and credit cards -
Changes to bonds
[A HIstory of the CANADIAN DOLLAR](bankofcanada.ca) Bnaks were prohibited from issuing their own bonds notes.This note is from the last issue Chartered bank. General Manager of Royal Bank ,Sydney G.Dobson,shown at left, President on the right is Maurice W.Wilson