Bank of Canada holds interest rate steady at 1% again
The Bank of Canada has kept its benchmark lending rate unchanged at one per cent again, the same level it has been at for three and a half years.
The Bank of Canada decided once again to leave the benchmark lending rate unchanged at 1%, the level it has been at for a record-setting three and a half years. The benchmark rate, also referred to as the overnight rate, is used to calculate prime rate, the basis of variable mortgage rates, and more.
Bank of Canada governor Stephen Poloz replaced Mark Carney last summer and has opted to uphold the trend his predecessor established before moving on to the governor position for the Bank of England.
Canada's central bank does not seem to be eager to make any changes in the near future, stating, "The timing and direction of the next change to the policy rate will depend on how new information influences this balance of risks".