Bank of Canada Keeps Interest Rate Unchanged Amid Inflation and Growth Concerns

The Bank of Canada has maintained its benchmark interest rate at 2.25 per cent for the seventh consecutive decision.

This move was widely expected, as the central bank has been on hold since late last year.

The policy rate is used to control inflation and support economic growth when prices are stable.

Inflation rose to three per cent in July due to volatile gas prices caused by the war in Iran over the spring and summer.