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- Bank of Canada kept its interest rate unchanged at 1.00%
Bank of Canada kept its interest rate unchanged at 1.00%
The Bank of
Canada (BoC) released its interest rate decision on Wednesday. The BoC kept its
interest rate unchanged at 1.00%. Monetary policy makers said that there are the
risks posed by slow inflation remain.
Total
inflation in Canada increased to around 2% target due to the temporary effects
of higher energy prices and weaker currency. The core inflation in Canada
remains significantly below 2% target.
Canadian
and global economy grew slower than expected in the first quarter of 2014. The slower
growth was caused by severe weather and supply constraints.
The Bank of
Canada Governor Stephen Poloz said in a statement on Wednesday the downside
risks to the inflation outlook are as important as before.
The BoC
pointed out that the current monetary policy is appropriate and the timing and
direction of the next change to the interest rate will be determined by future
economic data.
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