The decision meeting of the Central Bank of Canada to determine the new interest rate in this country was held today, Wednesday, September 6, 2023
Before announcing its new decision, the central bank of Canada was heavily pressured by officials and political officials. Ontario Minister Doug Ford and British Columbia Prime Minister David Abbey were among those who directly asked Central Bank Governor Tiff Malcolm to stop raising key interest rates. Of course, many experts and economists believed that the intervention of these officials was completely useless and they should not have interfered in the monetary policy decisions of the Central Bank of Canada
However, the actions of the political authorities seem to have paid off and the Bank of Canada has finally stopped raising interest rates. The Central Bank of Canada has always been trying to bring the current Canadian inflation to the target range of 2%, and to achieve this, it has increased the interest rate 10 times since last March and brought it to 5%.
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