central bank

a bank, as the Federal Reserve Bank, that holds basic banking reserves, issues currency, and acts as lender of last resort and controller of credit.


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World English Dictionary
central bank
a national bank that does business mainly with a government and with other banks: it regulates the volume and cost of credit

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Of course, the fear in that case is not bankruptcy but that central bank
  financing of future deficits will stoke inflation.
The instability of the system is due to the way the central bank and the
  monetary system works.
The central bank is pursuing tighter monetary policy while trying to preserve
Acting as a lender of last resort during a financial panic is one of the core
  responsibilities of any central bank.
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