interest rates drop: Prime Lending Rates drops to 2.5% - 03/05/09 02:09 PM
March 3, 2009 - The Bank of Canada announced this morning that it is cutting interest rates by 0.50%. This take the target for the overnight rate to just 0.50% This takes the total easing to 4.00% since December 2007.
The bank said in it's release that the global economic outlook has worsened since January with slower growth than expected in the major economies and the US recession with the weak car and housing growth is a big challenge for Canada. Q4 2008 also showed a sharp decline in Canadian economic activity.
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interest rates drop: Bank's key rate cut to record low - 01/20/09 12:55 PM
OTTAWA - The Bank of Canada has chopped its key interest rate by another half percentage point to its lowest level ever, and warned that the Canadian economy will contract by 1.2 per cent this year.
The central bank's target for the overnight lending rate now stands at 1 per cent - lower than in 1958, when the most-watched policy rate was 1.12 per cent.
"The outlook for the global economy has deteriorated since the bank's December interest rate announcement, with the intensifying financial crisis spilling over into real economic activity," the bank said in its gloomiest statement yet.
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