Bank of Canada Keeps Interest Rate Steady at 1%

On December 6, The Bank of Canada has decided to keep its benchmark lending rate steady at one per cent.

Canada's central bank said Wednesday it has decided to keep its target for the overnight rate right where it is, while rate hikes in July and in September continue to work their way through the economy.

"While higher interest rates will likely be required over time," the bank said, "the current stance of monetary policy remains appropriate."

The loonie moved lower on the news, half a cent to 78.29 cents US, then close down nearly half a cent at 78.20 cents US.

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