BANK OF CANADA RAISES KEY INTEREST RATE FOR 1ST TIME SINCE SUMMER OF 2010

Jul 12, 2017

By Bob Komsic

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The country’s central bank has raised its key interest rate by 0.25% to 0.75% – the first hike in the cost of borrowing in almost seven years.
In a statement accompanying its decision, the Bank of Canada said the economy has been robust, fuelled by household spending.
”As a result, a significant amount of economic slack has been absorbed,” adding the remaining slack’s expected to be gone near the end of the year.
The increase means consumers will be paying more for borrowing such as variable rate mortgages and lines of credit.
Some economists expect to see another rate increase in the final three months of the year.
The central bank’s next decision on interest rates is scheduled for September 6. 
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