Bank of Canada holds interest rate, warns economy’s resilience to be ‘tested’

Governor Stephen Poloz’s team is warning that the resilience of Canada’s economy will be increasingly tested

The Bank of Canada is keeping its key interest rate on hold in a decision that positions the country as an exception among advanced economies already responding to the weakening world economy.

Governor Stephen Poloz’s team is warning that the resilience of Canada’s economy will be increasingly tested by persistent global trade conflicts and uncertainty.

The central bank’s decision to hold the rate at 1.75 per cent today was widely expected by financial markets. The benchmark has now been at the same level for just over a year.

The bank says the global outlook has continued to deteriorate since the summer and that Canada is feeling the effects.

ALSO READ: Bank of Canada holds interest rate as it takes stock of trade war impacts

It says economic growth here is expected to be 1.5 per cent in 2019 before picking up its pace to 1.7 per cent next year and 1.8 per cent in 2021.

The bank notes that the domestic economy has held up well in many areas — employment has remained strong, wages have advanced in some regions and housing activity has expanded in most markets.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Back in Time

Historical Perspective

Vavenby weekly news update

Doris Scarff is holding her Christmas Open House at her home from Nov. 22 - 24

Update from Clearwater Rotary

Rotary is making attending easier for members, and hoping more might join with an evening meeting

William Griffin arrested in Houston homicide

RCMP have now arrested William Griffin, the man wanted in connection to… Continue reading

Farewell to the Clearwater-Vavenby Lions Club

Due to declining membership, the local club disbanded in March of 2019

Cold, stormy winter forecast across much of Canada, The Weather Network predicts

In British Columbia temperatures will be slightly above normal and precipitation will be just below normal

UPDATED: Vancouver Island’s Joe gets suspended sentence in Teddy the dog cruelty case

Melissa Tooshley expected in court on Thursday in same case

Nineteen boats carrying invasive mussels stopped at B.C. borders

Waters of Columbia-Shuswap still test mussel-free

Woman ‘horrified’ after being told to trek 200 kilometres home from Kamloops hospital

‘I can’t get from Kamloops back to 100 Mile House injured, confused… no shoes, no clothes whatsoever’

Canadian universities encourage exchange students in Hong Kong to head home

UBC said 11 of its 32 students completing programs in Hong Kong have already left

Midget no more: Sweeping division name changes coming to minor hockey in Canada

Alpha-numeric division names will be used for the 2020-2021 season and beyond

Duncan man gets suspended sentence in Teddy the dog cruelty trial

Joe also gets lifetime ban on owning animals

B.C. pushes for greater industry ‘transparency’ in gasoline pricing

Legislation responds to fuel price gap of up to 13 cents

B.C. woman ordered to return dog to ex-boyfriend for $2,000

After the two broke up, documents state, they agree to share custody of the dog, named Harlen

Most Read