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06.03.2024

BoC keeps its benchmark interest rate unchanged at 5.00%, as widely anticipated

The Bank of Canada (BoC) kept its benchmark interest rates unchanged at 5.00 per cent on Wednesday, as widely anticipated. It was the Bank's fifth straight meeting on hold. The Canadian central bank also said it is continuing its policy of quantitative tightening.

In its policy statement, the Canadian central bank noted:

- Canada’s economy grew in Q4 by more than expected, although the pace remained weak and below potential;

- Employment continues to grow more slowly than the population, and there are now some signs that wage pressures may be easing;

- Overall, the data point to an economy in modest excess supply;

- CPI inflation in Canada eased to 2.9% in January, as goods price inflation moderated further;

- Underlying inflationary pressures persist;

- BoC continues to expect inflation to remain close to 3% during H1 of 2024 before gradually easing;

- Governing Council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation;

- Governing Council wants to see further and sustained easing in core inflation;

- BoC remains resolute in its commitment to restoring price stability

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