Bank of Canada raises key interest rate target to 1.25 per cent
Posted Jan 17, 2018 10:28:57 AM.
This article is more than 5 years old.
The Bank of Canada is raising its key interest rate target by a quarter of a percentage point.
The central bank’s target for the overnight rate now sits at 1.25 per cent.
This is the third increase in less than 12 months.
The change is expected to prompt Canada’s large banks to raise their prime lending rates, a move that will drive up the cost of variable-rate mortgages and other variable-interest rate loans.
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