Bank of Canada holds policy rate steady
Economy improving, but central bank sees “considerable economic slack” and “great deal of uncertainty”
The Bank of Canada announced on March 10 that it was holding its policy rate, the overnight rate, at “an effective lower bound” of 0.25%. The governing council also left its bank rate and deposit rate unchanged, at 0.5% and 0.25% respectively.
The central bank confirmed it would continue its quantitative easing measures, at the rate of “at least” C$4 billion (US$3.2 billion) per week.
The central bank affirmed that the Canadian economy was recovering from the pandemic-induced crisis of 2020
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