Bank Rate Remains 1.75%

CBJ — The Bank of Canada has decided to keep its key overnight trendsetting interest rate at 1.75% — exactly where it has remained for the past 14 months.

Bank of Canada governor Stephen Poloz says there is evidence that the international economy is stabilizing and growth is still expected to edge higher in 2020, and likely beyond.

Economic growth in Canada came in at a pace of 1.3% in the third quarter. Consumer spending and housing helped support growth.

Statistics Canada reported last week that growth in the third quarter came as business investment was up 2.6%.