Dollars and SenseNationalNews
Bank of Canada Raises Key Interest Rate
Source: Craig Lord Global News, April 14, 2022
The Bank of Canada says the spike in energy and other commodity prices in the wake of Russia’s invasion of Ukraine are driving inflation higher than its earlier expectations.
The country’s benchmark interest rate is rising half a percentage point, the Bank of Canada announced Wednesday, marking the first time it has raised rates by more than 25 basis points in more than two decades.
The central bank’s key overnight rate now stands at one per cent.
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