Bank of Canada Bumps Up Its Interest Rates

  • Share
  • Read Later
For the first time since July 2007, the Bank of Canada has raised its interest rates

VStock LLC/Tetra Images/Corbis

We’re in the money. On Tuesday, Canada became the first G-7 nation to take a small step out of the world’s recent credit crisis.

The Wall Street Journal reports that the Bank of Canada raised its interest benchmark overnight to 0.50%. That marks a 0.25% increase from Canada’s record low of 0.25%, which had held steady since April 2009.

The Journal also reports that any further increases will be contingent on continuity between both domestic and global economic circumstances. While Canada has remained relatively immune from the Europe spillover, the weakening euro has kept the global climate in an unpredictable state in recent months.

0 comments