Bank of Canada Raises Interest Rates

Wednesday, 26 October 2022 10:18

By Linda Morgan

The Bank of Canada has raised interest rates from 3.25 percent to 3.75 percent, in a bid to tackle inflation.

The Bank of Canada has raised interest rates once again.

The rate has jumped by 50 basis points to 3.75 percent.

Since March, the central bank has increased interest rates six times in order to tackle inflation.

According to its latest Monetary Policy Report, the bank predicts a potential recession in Canada during the first half of next year.

Inflation currently stands at 6.9 percent, which is well above the bank's two percent target.

The bank also says further rate hikes are expected.

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