The Bank of Canada Hikes Benchmark Interest Rate To 1%

Bank of Canada Hikes Benchmark Interest Rate To 1%

The Bank of Canada hiked its benchmark interest rate by half per cent to 1% on April 30th, 2022 in its latest move to rein in high inflation. The bank slashed its rate to barely above zero in March 2020 when the pandemic began. The move helped the economy to weather the unprecedented uncertainty of COVID-19.

But recently, inflation has come roaring back to its highest levels in decades, prompting the central bank to start unwinding all the cheap credit.

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