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Bank of Canada leaves interest rate unchanged at 0.50%

Published 04/12/2017, 10:01 AM
Updated 04/12/2017, 10:01 AM
© Reuters. BoC keeps rates on hold at 0.50%

Investing.com – The Bank of Canada (BoC) decided Wednesday to keep its benchmark interest rate on hold at a record low.

As expected, the BoC said it was leaving its overnight cash rate unchanged at 0.50%, where it has been since July 2015.

The Canadian monetary authority also held the bank rate steady at 0.75% and left the deposit rate at 0.25%.

“The Bank's Governing Council acknowledges the strength of recent data, some of which is temporary, and is mindful of the significant uncertainties weighing on the outlook,” the BoC said in the release as an explanation for why it decided to leave rates unchanged.

The BoC also noted that it forecasts real GDP growth of 2.5% in 2017 and just below 2% in 2018 and 2019.

BoC Governor Stephen Poloz was to comment on the decision at a press conference later in the day.

Following the press release, USD/CAD was trading at 1.3295 from around 1.3306 ahead of the announcement, while EUR/CAD moved at 1.4108, compared to 1.4112 prior to the news.

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