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Bank of Canada Rate Cuts by 25 Basis Points

We are happy to announce that BOC, for the first time since 13th July 2023, reduced the interest rate by .25% bringing the base rate to 4.75%. The first time the Bank of Canada started tightening the cycle was in March of 2022, which is more than 2 years. Hopefully, we can see more rate cuts in the future. 

 

Bank's prime rate now stands at 6.95%, which will make a small impact on all Variable Interest rates and Line of Credit, that are directly related to prime.


Policy interest rate - The Bank of Canada carries out monetary policy by influencing short-term interest rates. It does this by adjusting the target for the overnight rate on eight fixed dates each year.

 

The next Announcement is on 24th July 2024

 

Data Source - courtesy Bank of Canada website



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