Interest Rate to Remain at 5%

Wednesday, 6 September 2023 10:55

By Linda Morgan

The Bank of Canada isn't changing the key interest rate, due to a weakening economy

The Bank of Canada isn't changing its key interest rate.

The bank announced this morning the rate will stay at 5 percent, due to a weakening economy.

It also notes previous hikes need more time to take effect.

Experts were predicting the decision due to a rising unemployment rate and an economic decline in the second quarter.

The bank adds it's still worried about inflation and hasn't ruled out future rate hikes.

In July, the country's inflation rate was 3.3 percent, and it's expected to stay around that point for the rest of the year.

More from Local News

Optimism Fading for Beluga Whales

Animal rights group director says a whale has been moved to Marineland's sick tank
Apartments Approved for Queenston Street

2,442 units, with commercial space, to be built where St. Catharines hospital was
3 Arrested After NRP Find Cocaine

Police searched 2 houses, after watching suspected drug activity
Police Looking for 2 Arsonists

A house in West Lincoln was lit up early Thursday morning
Niagara Health Funding Gone Up: MPP

Sam Oosterhoff says it's gone up over 42% over the last few years
Wainfleet Taxes Rise Next Year

The Township says a home valued at over $300,000 will pay another $134
OPP Appeal for Drivers to Come Forward

They understand a driver might not realize they might have hit someone or something on Highway 406 last week
Police Looking for Missing Teen

This isn't the first time Jada Balgobin was reported missing