News

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent.

Economic growth in Canada is expected to average 2.1 per cent in 2015 and 2.4 per cent in 2016, with a return to full capacity around the end of 2016.

Deputy Governor Timothy Lane discusses the causes of the recent drop in oil prices and its effects on the global and Canadian economies.

The winter Business Outlook Survey continues to provide signs of strengthening demand, especially among export-oriented firms and manufacturers. However, the outlook for businesses that are linked directly or indirectly to the energy sector has deteriorated.

The survey results point to nearly unchanged business-lending conditions during the fourth quarter of 2014.