Central bank maintains key interest rate
Posted Jun 5, 2012 7:23 am.
This article is more than 5 years old.
The Bank of Canada says the outlook for the global economy has weakened in recent weeks.
Canada’s central bank says the U.S. economy has continued to expand at a modest pace but activity in emerging markets has slowed a bit faster than expected and Europe remains a major concern.
In Canada, the first quarter growth rate was disappointing at 1.9 per cent but the economy is holding up overall, because of a strong housing sector, positive business and consumer confidence and low interest rates.
It also said inflation remains in control and not a worry at this time.
As a result, the bank is maintaining its key interest rate at 1.0 per cent.
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