Bank of Canada announces new Rate Hike to 4.75%

Bank of Canada Announces Monetary Policy Decision – June 2023

The Bank of Canada has released its latest press release on the monetary policy decision for June 2023.

Key Highlights:

• The Bank of Canada has decided to maintain the current interest rate at this time.
• The decision comes in light of the bank’s assessment of the economic conditions and outlook.
• The bank recognizes the ongoing challenges and uncertainties in the global and domestic economy.
• Inflation has been higher than expected, driven by a variety of factors including supply chain disruptions and strong consumer demand.
• The bank will continue to closely monitor economic developments and inflationary pressures.
• The bank remains committed to its mandate of supporting economic growth and maintaining price stability.

Summary:

The Bank of Canada has announced its decision to keep the current interest rate unchanged following its assessment of the economic conditions and outlook for June 2023. Despite higher-than-expected inflation and ongoing challenges in the global and domestic economy, the bank will continue to monitor economic developments closely. The bank remains committed to its mandate of supporting economic growth and maintaining price stability.

About the Bank of Canada:

The Bank of Canada is the country’s central bank, responsible for the formulation and implementation of monetary policy in Canada. It aims to promote a safe and sound financial system and contribute to the economic and financial well-being of Canadians.

For more information and to read the full press release, please visit the Bank of Canada’s official website.

Disclaimer: This article is for informational purposes only and should not be considered as financial advice.