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Financial News: Bank Of Canada Leaves Interest Rates Unchanged As

Bank Of Canada Leaves Interest Rates Unchanged As Forecast

03/08/2023 - 10:16:00 (RTTNews)

(RTTNews) - After signaling in January that it was done raising interest rates, the Bank of Canada followed through on Wednesday and left rates unchanged.

The Bank of Canada said its Governing Council decided to maintain the policy rate at 4.5 percent, noting global economic developments have evolved broadly in line with the January outlook.

However, the Canadian central bank said it is prepared to increase the policy rate further if needed to return inflation to the 2 percent target

"The Bank remains resolute in its commitment to restoring price stability for Canadians," the Bank of Canada said in a statement.

The Bank of Canada also said it is continuing its policy of quantitative tightening, which it said is complementing the restrictive stance of the policy rate.

In its assessment of the global economy, the bank said growth continues to slow, and inflation, while still too high, is coming down due primarily to lower energy prices.

The Canadian central bank cautioned that the strength of China's recovery and the impact of Russia's war in Ukraine remain key sources of upside risk for commodity prices.

The bank noted Canadian economic growth came in flat in the fourth quarter of 2022, lower than projected, reflecting a sizeable slowdown in inventory investment.

"Restrictive monetary policy continues to weigh on household spending, and business investment has weakened alongside slowing domestic and foreign demand," the Bank of Canada said.

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