March 2, 2022 – Bank of Canada (BoC) Announces Increase to Policy Interest Rate

by | Mar 2, 2022 | Industry Updates

BoC increased the overnight rate to 0.50%, a 0.25% increase in response to rising inflation. The target inflation rate is 2-3% and as of January 2022 was sitting well above that range at 5.1%. Although BoC acknowledges that the war in Ukraine will add pressure on the global economy, they believe rate increases are necessary to curb inflation. The next interest rate announcement and monetary policy report are scheduled for April 13, 2022.

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