The predictions of most economists came true on Wednesday as the Bank of Canada kept its trendsetting overnight interest rate at five per cent. (Adrian Wyld/The Canadian Press)
The Bank of Canada has announced its benchmark interest rate will remain at five per cent, keeping it the same for the fourth time in a row.
Today’s announcement was predicted by many economists. The central bank last raised interest rates in July 2023.
The central bank’s interest rate influences the cost of debt for Canadians taking out variable-rate loans and mortgages, and can also affect the interest rates on some savings accounts.
