Canada central bank raises key lending rate to 3.75%
- Economy
- AFP
- Published Date: 05:50 | 26 October 2022
- Modified Date: 05:50 | 26 October 2022
The Bank of Canada on Wednesday announced a fifth recent outsized interest rate increase to 3.75 percent, amid warnings that its dogged fight against inflation may trigger a recession.
It also signalled that the 0.5 percentage point hike would not be the last following a blistering pace of increases to its benchmark rate from a historic low in recent months, saying in a statement that rates "will need to rise further."
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