The institution that manages the monetary system of a particular country.
(Peter Dungan, Toronto PPG1002H and Mankiw, N. Gregory, Ronald Kneebone, Kenneth J. McKenzie and Nicholas Rowe. 2008. Principles of Macroeconomics, 4th Canadian ed. Toronto: Thomson Nelson.)
In most industrialized market economies, the central banks are at least partially independent of the national government. For example, in Canada, the Bank of Canada is a “crown corporation” and the governor is free to make his own decisions without interference by the ruling political party.