Bank of Canada raises key interest rate to 1.0% from 0.5% – April 13, 2022

April 13, 2022 at 9:19 am  Federal, Politics



At a news conference in Ottawa, Bank of Canada governor Tiff Macklem discusses the central bank’s latest interest rate decision and monetary policy report. He is joined by Carolyn Rogers, the senior deputy governor. The bank will raise its key interest rate from 0.5 to 1.0 per cent, its largest rate increase since 2000. In his remarks, Macklem says that further rate increases will likely be needed as part of an effort to combat inflation. He also comments on the effects of supply disruptions due to Russia’s invasion of Ukraine.

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