The Central Bank of Canada raised its main interest rate this Wednesday by 0.25 points to 4.5%, the eighth consecutive increase in less than a year in an attempt to counteract the inflation.
This is its highest rate since 2007.
The Bank of Canada said it planned to “hold its current prime rate” at this level while it assesses “the impact of cumulative interest rate increases.” But he says he is ready to raise it again “if necessary” to meet his 2 percent inflation target.
According to its new forecasts, the institution expects inflation to drop “significantly” this year, after registering a rate three times higher than its 2% target in December.
The Bank believes that “increasing signs indicate that the monetary politics restrictive is slowing down activity”.
It now expects Gross Domestic Product growth of around 1% in 2023 and 2% by 2024.
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