Bank Of Canada Makes Latest Interest Rates Announcement
In its scheduled announcement this morning, the Bank of Canada has announced that the overnight interest rate target will hold steady at 1.75 per cent. This is the eighth time in a row that the Bank held off on making any upward moves since raising its interest rate a year ago. The Bank cited the continued weakening of the global economy as the reason behind its decision, with the ripple effects reaching Canada.
“A growing number of countries have responded with monetary and other policy measures to support their economies. Still, global growth is expected to slow to around three per cent this year before edging up over the next two years,” the Bank noted in its announcement. “Canada has not been immune to these developments. Commodity prices have fallen amid concerns about global demand. Despite this, the Canada-US exchange rate is still near its July level, and the Canadian dollar has strengthened against other currencies.”
The next interest rate announcement is scheduled on December 4, 2019.
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