Bank of Canada opts to hold rates steady

updated

Central bank's key interest rate kept at 1% as economic outlook dims

CBC News

Posted: Apr 17, 2013 10:14 AM ET

Last Updated: Apr 17, 2013 11:32 AM ET

 

The Bank of Canada hinted Wednesday that Canada's record low interest rates are going to stay right where they are for a long while yet.

In its latest policy decision, Canada's central bank kept its benchmark interest rate, what's known as the target for the overnight rate, steady at one per cent on Wednesday.

That's the rate that retail banks base their lending and saving rates for consumers on, and it's been kept at that level since September 2010.

Wednesday's policy decision is the next-to-last one for Mark Carney as head of the bank before he leaves to London to head up the Bank of England in June.

The Carney-led Bank of Canada has now kept the rate steady at 1 per cent for 21 consecutive policy meetings.

Despite the lack of change, the bank suggested its outlook for the Canadian economy is actually a bit worse now than previously — a sign suggesting the bank is in no rush to raise rates and slow down growth.

"A material degree of slack has re-emerged in the Canadian economy," the bank said in a statement.

"Considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required."

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