Bank Rate Remains 0.25%

025 Interest rate

CBJ – With very little option to make a move the Bank of Canada has once again left it’s overnight trendsetting interest rate at 0.25%.

As the Canadian economy looks to improve with the ongoing global pandemic it’s going to need all the fiscal help it can get.

The Bank estimates economic growth of 6.5% this year, marking a 2.5% jump from 2020.

It’s expected that the bank will lessen federal government bond purchases as the economy continues to gain traction.  Bond purchases are used as a method of assisting the economy’s recovery.

Meanwhile, Statistics Canada revealed that March’s inflation rate came in at 2.2%, which is very close to the Bank’s ideal rate of 2.0%.

@CanBizJournal

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