Bank of Canada lifts key rate by 25 basis points to 2.5%
CIE News ·
Based on reporting by CoinDesk; not yet independently confirmed.
The Bank of Canada increased its benchmark overnight lending rate to 2.5% in line with market forecasts, citing persistent inflation alongside accelerating economic growth.
The Bank of Canada lifted its benchmark overnight lending rate by 25 basis points to 2.5%, matching market forecasts, CoinDesk reported. In its policy statement, the central bank stated that inflation has proven higher and more persistent than anticipated in its July Report. The bank added that economic growth has gathered momentum this year and is projected to recover further, while the Canadian dollar remained largely flat against the US dollar following the move.
Key facts
- Rate raised 25 bps
- Benchmark rate at 2.5%
- Bank of Canada policy move