Bank of Canada maintains interest rate at 1%

This article was last updated on April 16, 2022

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The Bank of Canada seems to adopt an optimistic approach towards the upcoming trends of domestic and global economies. As expected, bank governor Mark Carney and his team decided to maintain the interest rate at one per cent for the 12th consecutive time.

Moreover, the statement released by the bank on Thursday also indicated that the bank policy team does not predict any more threats that might adversely affect the recovery process of global economy, about which it had issued warnings about at the beginning of this year.

“The heightened uncertainty around the global economic outlook has decreased in the weeks since (January) … with tentative signs of stabilization in European bank funding and sovereign debt markets,” read the statement.

In addition, it pointed towards the somewhat improving conditions of Canadian economy. The bank stated that the economy is growing faster in the first three months of 2012 than in its previous call for a 1.8 per cent advance.

The bank also said the improvement in domestic economy is short-term, highlighting that it is still firm on the believe that economic growth this year will persistently slow to about two per cent.

“Although the economy will likely grow faster than forecast in the first quarter due to temporary factors, underlying economic momentum remains around trend, balancing domestic strength and external weakness,” the bank reported.

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