Central bank keeps overnight rate at 4 1/2 percentage
September 05 , 2007
OTTAWA (CP) - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 4 1/2 per cent. The operating band for the overnight rate will therefore remain unchanged at 4 3/4 per cent.
Near term prospects for economic growth outside of North America appear to be slightly sronger than anticipated, while near-term prospects for the United States are weaker than expected. On balance, this implies weaker demand for Canadian exports than expected.
The Bank of Canada concluded that the current level of the target for the overnight rate is appropriate.
Information note:
The Bank of Canada's next scheduled date for announcing the overnight rate target is 16 October 2007.
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