Central bank keeps overnight rate at 4 1/4 percentage
October 17 , 2006
OTTAWA (CP) - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 4 1/4 per cent. The operating band for the overnight rate will therefore remain unchanged at 4 1/2 per cent.
Although global economic growth is expected to be a little higher than previously anticipated, a weaker short-term outlook for the U.S. economy has curbed the near-term prospects for Canadian exports and growth. Going forward, the Bank continues to expect the Canadian economy to operate at about its production potential.
Information note:
The Bank of Canada's next scheduled date for announcing the overnight rate target is 5 December 2006.
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