Bank of Canada Rate Announcement - January 17, 2012

For the 11th straight time since last October, the Bank of Canada again announced that it is leaving its target overnight interest rate at 1%, and said, "...The recession in Europe is now expected to be deeper and longer than the Bank had anticipated..." The bank indicated in its media statement that they continue to assume that the European authorities will implement sufficient measures to contain the crisis.

Following this news, chartered banks and other financial institutions are expected to leave their prime lending rate at 3%.

Next Bank of Canada rate announcement – March 08, 2012.

Click here for the full Bank of Canada report.

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