March 2009

Bank of Canada Rate Decrease

Tuesday, March 3rd, 2009 at 3:20pm. 507 Views, 0 Comments.

Joe Samson & Associates

The Bank of Canada announced today that it is lowering its overnight rate by 1/2 percent. Major Banks in Canada usually lower their rates accordingly, which would put their prime rates at 2.50%.
The Bank of Canada has mentioned that stabilization of the global economy needs to be addressed before we will feel any relief here in Canada.

The Bank does mentioned that national figures point to an increase in supply and lower demand in Canada. As a result of this imbalance, the Bank lowers rates to help stimulate the demand and that is expected to start to take hold in the last half of 2009. The Bank's goal in lowering rates is to boost inflation from its current rate of 1.1% to it's target of 2.0%. To that end, the overnight rate can be expected to remain…

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Last updated on: 2012-02-10 00:18:44

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