Bank of Canada keeps benchmark interest rate at record low

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Bank of Canada keeps benchmark interest rate at record low

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The Financial institution of Canada determined to maintain its benchmark rate of interest regular at a record-low 0.25 per cent on Wednesday.

The central financial institution additionally stated it could keep its bond purchases at a goal tempo of $three billion per week, an indication of constant financial help whereas financial exercise picks up.

Regardless of one other wave of COVID-19, first-quarter financial progress got here in at a “strong” 5.6 per cent, the financial institution stated.

“Whereas this was decrease than the financial institution had projected, the underlying particulars point out rising confidence and resilient demand. Family spending was stronger than anticipated, whereas companies drew down inventories and elevated imports greater than anticipated.”

Nonetheless, renewed lockdowns and different restrictions as a result of third wave of the pandemic are dampening financial exercise within the second quarter, largely as anticipated, the central financial institution stated.

It stated the employment price stays properly under its pre-pandemic stage, with low-wage employees, youth and ladies persevering with to bear the brunt of job losses.

The important thing lending price has been on maintain at its rock-bottom stage for the reason that onset of the pandemic final 12 months and the central financial institution has stated it will not enhance the speed till the financial system has recovered.

Wednesday’s announcement factors to a restoration a while within the second half of 2022.

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