Forex
Bank of Canada Holds Rate Steady Amid Global Economic Pressures
The Bank of Canada has decided to keep its key interest rate at 2.25% due to global economic pressures and trade tensions.
According to Governor Tiff Macklem, the conflict in the Middle East is driving up oil prices, while new U.S. tariffs are weighing on Canadian exporters.
The Bank's governing council reviewed recent data and decided not to change the rate despite the economy strengthening in the second quarter with a 3.3% GDP growth.