Bank of Canada continues to keep interest rate at 1.75pc

11th July, 2019 11:04:37 printer

OTTAWA: The Bank of Canada announced Wednesday that it will continue to keep its interest rate at 1.75 percent, which it has maintained since last October due to an economic slowdown.

Recent data show the Canadian economy is returning to potential growth.  However, the outlook is clouded by persistent trade tensions. Taken together, the degree of accommodation being provided by the current policy interest rate remains appropriate, said the central bank, reports Xinhua.

It said it will continue to monitor data ahead of future decisions with a particular focus on developments in the energy sector and the effects of global trade tensions.