BoC Holds Interest Rate at 4.5%

CBC News | Pete Evans | April 12, 2023

Image: CBC

The Bank of Canada decided to hold its interest rate steady at 4.5 per cent on Wednesday while the impact of its previous rate hikes filters down through the economy.

• The Bank of Canada's decision to hold interest rates was expected as they had previously signaled a pause in rate hikes. After reducing rates during the pandemic, the bank had aggressively raised them eight times between March 2022 and February 2023 due to high inflation.
• Inflation peaked at over eight percent in June 2022 but has since cooled to around five percent.
• The bank's decision to hold rates will likely have a stabilizing effect on the economy by keeping borrowing costs low and supporting consumer spending and business investment.

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Image: CBC

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