November 2, 2012
The Bank of Canada keeps interest rate at 1%.
The Bank of Canada have kept base interest rate unchanged, at 1%. This decision was made at the regular meeting of the Administrative Board on October 23. Canadian analysts expected that the interest rate would remain unchanged at this time, at level which is settled by regulator since September, 2010. In comments to the decision the regulator notes that the economy of the neighboring USA grows moderate pace, while Europe stays in a recession. However, situation in the global financial markets improved, and the economists associate this with the actions of Central Bank. Specialists of the Central Bank of Canada expect national economy recovery by the end of 2013, relying on domestic consumption and the investments, supported by mild conditions in the Canadian financial sector. Canada`s GDP is expected to grow by 2.2% by the end of current year, and next year growth will make 2.3%.
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