Bank of Canada announces additional interest rates hikes by ...| MENAFN.COM

Tuesday, 31 January 2023 03:16 GMT

Bank of Canada announces additional interest rates hikes by 25 basis points


(MENAFN) The Bank of Canada rose interest rates Wednesday by 25 basis points, along with estimations, as the central bank carries on its monetary policy of measureable narrowing.

The aim for the overnight rate has been risen to 4.5 percent, with the bank rate currently at 4.75 percent and the deposit rate jumping to 4.5 percent.

The bank stated in an announcement that "Global inflation remains high and broad-based. Inflation is coming down in many countries, largely reflecting lower energy prices as well as improvements in global supply chains."

It also said that Beijing removing coronavirus sanctions has triggered an upward revision to China's expansion and poses an upside danger to commodity rates, whereas Russia's conflict on Ukraine carries on to trigger massive doubt.

The bank lightly revised up its forecasts for the worldwide economy and currently estimates it to grow about 3.5 percent last year, but then decelerate to nearly 2 percent this year and 2.5 percent in the upcoming year.

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