BoC Holds Key Rate Steady at 2.25% for Seventh Consecutive Decision

The Bank of Canada held its benchmark interest rate steady at 2.25 per cent for the seventh consecutive decision, as widely expected.

The central bank has been on hold since late last year and is keeping a close eye on inflation and economic growth.

Inflation rose to three per cent in July due to volatile gas prices caused by the war in Iran, but economists think the Bank of Canada will wait to see how new tariffs between Canada and the US affect the economy before adjusting the policy rate.