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10 July 2019

Bank of Canada keeps its interest rate unchanged again

Today, the central bank left its key lending rate unchanged once again, and its announcement pointed to domestic economic improvements and a stronger global slowdown affected by trade conflicts.

The Bank of Canada keeps the rate at 1.75% for the 6th meeting in a row, as the economy recovers from a weak period of the late 2018 and early 2019.

It looks like Poloz doesn’t hurry to change the rate, even amid the U.S. and Europe hinting at the possibility of rate cuts caused by weakened global economic activity.

"According to the latest data, the national economy is coming back to its potential growth," – The BoC noted.

"Nevertheless, the entire picture is unclear because of trade tensions. So the current interest rates policy remains appropriate."

The consequences of the uncertain international trade conditions have affected the Bank’s reviewed economic forecasts as well.

The BoC reduced its 2019 global growth forecast from 3.2% to 3% because of the growing trade tensions, particularly between the U.S. and China.

According to the central bank, China's latest trade measures aimed at meat and canola products from Canada are expected to reduce exports by 0.2%. Such changes, also including tighter inspections on Canadian goods by China, have appeared amid a bilateral diplomatic dispute.

The Bank raised its 2019 economic growth forecast for Canada from 1.2% to 1.3%, while reduced from 2.1% to 1.9% for 2020.

Brian DePratto, senior economist for TD Economics, says the Bank’s decision coincides with TD's forecast of no rate changes as the national economy is still rebounding.

The next Bank of Canada rate decision is scheduled for September 4.

 

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