Canada holds rates as governor warns of “long climb out”
Governor says interest rates will stay “unusually low” as central bank forecasts GDP fall of 7.8%
The Bank of Canada left its policy rate unchanged on July 15, as its governor said he expected a long period of low rates.
The decision leaves the interest rate at 0.25%. The central bank will also continue its government bond purchases at a pace of at least C$5 billion ($3.68 billion) per week, the statement says.
“It is going to be a long climb out,” governor Tiff Macklem said at the press conference following the rate decision. “We are being unusually clear that interest rates are going to
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