CANADA: Bank of Canada interest rate hits 4.5%

OTTAWA — The Bank of Canada hiked its key interest rate by a quarter of a percentage point on Wednesday, bringing it to 4.5 per centand signalling it plans to hold there for now. Oct. 24, 2018: The Bank of Canada's key interest rate reached 1.75 per cent after gradually increasing since the 2015 oil price crash that rippled through the Canadian economy. That rate remained unchanged throughout 2019.

March 27, 2020: The Bank of Canada lowered its key interest rate to 0.25 per cent, a record low, and launched a quantitative easing program to further stimulate the economy as COVID-19 continued to spread around the world. April 13, 2022: The Bank of Canada further hiked its key interest rate by half a percentage point to one per cent. The last time the central bank raised the overnight target rate by half a percentage point rather than a quarter was in May 2000.

Sept. 7, 2022: The Bank of Canada raised its key interest rate three-quarters of a percentage point to 3.25 per cent — the highest key rate since May 2008. After the hike, in an Oct. 6 speech, Bank of Canada governor Tiff Macklem said there was more to be done.

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