Bank of Canada holds key rate at 1%
The Bank of Canada holds their key lending rate at 1%. Banks therefore are expected to keep their prime rates at 3%.
The Bank of Canada said that interest rate hikes are on hold until at least the spring and maybe as long as late 2011.
The reasoning behind their decision is the weaker than projected recovery in the US, a slower than expected recovery globally and domestic considerations are expected to slow consumption and housing activities in Canada. The inflation in Canada has been slightly below their projection
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Last updated on: 2012-05-17 00:22:34
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