The Bank of Canada (BoC) announced today that it is maintaining its key rate at 0.5%. The key rate was cut from 1% to 0.75% in January and from 0.75% to 0.5% in June. This decision followed a sharp fall in oil prices. CPI inflation is close to the lower limit of the inflation-control range, and is evolving in line with the Bank of Canada’s outlook. The Canadian economy continues to adjust to lower energy and other commodity prices, leading the Bank of Canada to revise its growth forecasts for 2016 and 2017 slightly downwards. However, economic activity in the country regained momentum in July and remains supported by non-resource sectors and household spending, which should continue to grow over the coming months. See details:
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