Bank of Canada keeps interest rate unchanged at 1.75pc

8 March, 2019 12:00 AM printer

OTTAWA: The Bank of Canada announced Wednesday to keep its interest rate unchanged at 1.75 percent due to a slowing global and domestic economy.

The central bank has raised its key rate five times since mid-2017 to 1.75 percent, but has been on hold since last October, reports Xinhua.

In the announcement, the bank said it expects the country's economy will be weaker in the first half of 2019 than it projected in January.

It blames "multiple" factors for its new and much gloomier outlook, including trade tensions and a deeper global slowdown.

"While the sources of moderation appear to be multiple, trade tensions and uncertainty are weighing heavily on confidence and economic activity.