Bank of Canada Holds Key Rate For First Time In A Year
THE CENTRAL BANK SAYS IT HAS DECIDED TO HOLD ITS KEY RATE AT 4.5 PER CENT
Courtesy of Barrie 360 and Canadian PressPublished: Mar 8th, 2023
The Bank of Canada is holding its key interest rate steady for the first time in a year while reiterating it is taking a wait-and-see approach with monetary policy.
The central bank says it has decided to hold its key rate at 4.5 per cent based on its assessment of recent economic data.
However, it is keeping the door open to further rate hikes if the economy or inflation run hotter than expected.
In January, the Bank of Canada announced it expected to maintain its key interest rate if economic developments stay broadly in line with its forecasts.
Recent data showed inflation slowed to 5.9 per cent in January while the economy posted no growth in the fourth quarter.
The Bank of Canada says it still expects the annual inflation rate to fall to around three per cent by mid-year.
Patricia is the Business Mentor and owner of Grow Vantage and a Past President of the Barrie Chamber of Commerce. She applies over 30 years of business experience (from start-up to corporate) to mentor entrepreneurs. Since 2011, she has held over 6,500 coaching and training sessions in-person and online. Through Ask For Directions Training, her entrepreneurial training program (and parent company Grow Vantage), and as a business coach, she works with start-ups who are new (or who have lost traction) to design, launch and grow their businesses. Along with 20 other expert instructors she teaches strategies in marketing, sales, communications, and finance, as well as practical techniques to increase productivity, and manage their businesses. In other words, everything entrepreneurs need to learn to grow and run their businesses successfully, and avoid the costly mistakes they can't even see coming - that lead to delays in growth and getting stuck.