The Central Bank of Canada kept the benchmark rate steady at 0.25% on Wednesday, noting that Canada’s economic recovery from COVID-19 is on track.
While new infections and closures continue to hold Canada’s economy, stronger energy demand has pushed up oil prices, which is giving the country momentum, the bank said. And news about the release of the vaccine is also helping morale.
The bank lowered interest rates to their current record lows in March and April when the pandemic first broke out.
At its last meeting in October, the bank signalled that it would keep the rate at the current level until at least 2023 as that is the time it takes for a full economic recovery to take place.
“We are committed to providing the necessary monetary policy stimulus to support the economic recovery,” the bank said today.
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