BANK OF CANADA KEEPS KEY INTEREST RATE AT RECORD LOW, OFFERS BRIGHTER ECONOMIC OUTLOOK

Apr 21, 2021

By Bob Komsic

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Canada’s central bank has decided to again hold the line on its key interest rate at 0.25%, however its outlook for economic growth this year is encouraging.
The Bank of Canada is raising its prediction for growth to 6.5% from an earlier forecast of 4%.
According to the bank’s quarterly outlook report, growth is expected to moderate after that.
”Growth in the first quarter appears considerably stronger than the Bank’s January forecast, as households and companies adapted to the second wave and associated restrictions,” the bank said.
It goes on to say it intends to keep up efforts to help the economy until slack’s absorbed and inflation returns to its 2% target, which the Bank of Canada now sees happening later in 2022.
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