Bank of Canada holds key interest rate
The Bank of Canada increased its target for the overnight rate
The decision was made on Wednesday April 10 2024
The Bank of Canada announced on Wednesday that it is holding its key interest rate, the overnight rate, at 3¾ percent.
The decision was made at the bank's latest interest rate announcement, which is held eight times per year.
The overnight rate is the rate at which banks lend money to each other overnight. It is also the rate that the Bank of Canada uses to set its other interest rates, such as the prime rate.
The Bank of Canada said that it is holding the overnight rate steady because it believes that the economy is growing at a moderate pace and that inflation is under control.
The bank also said that it is watching the global economy closely and that it will continue to adjust its interest rates if necessary.
The decision to hold the key interest rate steady was widely expected by economists.
The Bank of Canada's next interest rate announcement is scheduled for June 12, 2024.
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