Interest Rate Holds Steady

Wednesday, 25 October 2023 11:44

By Linda Morgan

Interest rate to stay at five percent

The Bank of Canada is keeping the key interest rate at five percent.

It says there are signs the economy is slowing down and inflation is dropping, but it's prepared to increase rates further if necessary.

Experts say there is still a concern that price growth is easing too slowly, and in recent months, the interest rate hasn't been stable.

The central bank adds inflation will likely be elevated in the short term, but it still expects to reach its two percent target in 2025.

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