Bank of Canada Increases Overnight Rate

On July 12, 2017, the Bank of Canada increased its overnight rate target to 0.75%. This is the central bank’s target for the overnight rate at which major financial institutions make one-day loans to each other. According to the CBC, this is the central bank’s first move upward in the cost of borrowing in seven years.

You can read the announcement on the Bank of Canada’s website by following this hyperlink.

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