The Bank of Canada plans to keep interest rate near zero until 2023

Did you know? The Bank of Canada plans to keep interest rate near zero until 2023!

There are no plans to change the benchmark interest rate of 0.25% until inflation reaches 2% and stays there, which isn’t expected until 2023. 

With over half a year gone since the beginning of the pandemic, the Bank of Canada has gained a better understanding of how containment measures and support programs affect the Canadian & global economies. 

The Canadian economy is predicted to shrink by 5.7% this year, grow 4.2% in 2021 and grow 3.7% in 2022. These predictions are based on the hope that there won’t be a second or third widespread lockdown across the nation and that some sort of vaccine will be implemented.

Read more on the CBC wesbite by following clicking HERE

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