HiFX Pty Ltd | Bank of Canada raises interest rate to 0.75%
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Bank of Canada raises interest rate to 0.75%


21 July 2010

The Bank of Canada raised its benchmark interest rate by 25 basis points for the second time in two months to 0.75 per cent. The bank said any further increases “would have to be weighed carefully against domestic and global economic developments.” While economic growth in Canada has largely relied on consumer spending, the bank now projects that business and trade will make up a larger part of the country’s gross domestic product, but overall growth won’t be as large as the bank previously thought. The Bank expects the economic recovery in Canada to be more gradual than it had projected in its April Monetary Policy Report, with growth of 3.5 per cent in 2010, 2.9 per cent in 2011, and 2.2 per cent in 2012.

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