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Bank of Canada keeps benchmark rate unchanged despite inflation | Malay Mail

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MONTREAL, Jan 27 ― The Bank of Canada said yesterday it is keeping its benchmark overnight lending rate unchanged at 0.25 per cent despite inflationary pressures, citing the harmful effects of the Omicron variant on the economy. But the bank left the door open to an interest rate hike in March....

MONTREAL, Jan 27 ― The Bank of Canada said yesterday it is keeping its benchmark overnight lending rate unchanged at 0.25 per cent despite inflationary pressures, citing the harmful effects of the Omicron variant on the economy.“With overall economic slack now absorbed, the Bank has removed its exceptional forward guidance on its policy interest rate,” the bank said in a statement.Inflation hit 4.8 per cent in December, the highest rate in 30 years, whereas the bank's target is two percent.

It said the goal of two per cent inflation will not be met until mid-2023, rather than in late 2022 as it had thought.

 

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