central bank UK /ˌsɛntɹ(ə)l ˈbæŋk/US /ˌsɛntɹəl ˈbæŋk/ noun1 •The principal monetary authority of a polity or monetary union, which normally implements monetary objectives by controlling interest rates, issuing currency, managing the national debt, overseeing banking and financial activities, and regulating the supply of money. formscentral banks