Bank of Canada cuts rates, hails 'good news' on low inflation

Bank of Canada cuts rates, says fight against inflation 'worked'

Ottawa, Canada — Canada’s central bank cut its key interest rate by half a point Wednesday, reducing it to 3.75 percent and offering borrowers further relief as it claimed the battle against inflation had proven successful. Canada had held its benchmark rate steady for almost a year at 5.0 percent, the highest level in two

Bank of Canada drops overnight rate by 50 basis points for first time since pandemic

The Bank of Canada has made yet another cut to its overnight rate. This latest cut is twice the size of the previous cuts at 50 basis points, or 0.5%.

Banks Lower Prime Rates to 5.95% After Bank of Canada Move

Canadian financial institutions say they are lowering their prime lending rates to match the decrease announced by the Bank of Canada. The central bank lowered its key interest rate by half a percentage point Wednesday to 3.75 percent. All of the Big Six banks including RBC, TD, BMO, Scotiabank, CIBC and National Bank say they have lowered their prime rate to 5.95 percent, down from 6.45 percent, as has Desjardins. It marks the fourth consecutiv…

Banks lower prime rates to 5.95% after Bank of Canada move

Canadian financial institutions say they are lowering their prime lending rates to match the decrease announced by the Bank of Canada. The central bank lowered its key interest rate by half a percentage point Wednesday to 3.75 per cent. All of the Big Five banks including RBC, TD, BMO, Scotiabank an...

Bank of Canada cuts interest rates, says fight against inflation ‘worked’

The cut on Wednesday, the fourth in a row, was bigger than expected as September inflation sank below target.

Bank of Canada cuts its key interest rate to 3.75%

The Bank of Canada reduced its key interest rate to 3.75%, with the Bank Rate dropping to 4% and the deposit rate to 3.75%.  The Bank of Canada’s Governing Council decided to reduce its policy rate by 50 basis points in response to inflation now returning to near the 2% target to help aid economic growth and maintain inflation within the 1% to 3% range.  Consumer Price Index inflation saw a significant drop from 2.7% in June to 1.6% last month. …