Canada Holds Benchmark Interest Rate at 2.25%... "Growth Expected to Rebound"

▲ Bank of Canada Governor Tiff Macklem

The Bank of Canada, the country's central bank, announced on July 15 (local time) that it held its benchmark overnight repo rate steady at 2.25% following a monetary policy meeting.

In a statement released after the decision, the Bank of Canada assessed that "after a year of economic weakness, the Canadian economy is showing signs of improvement," adding that "growth is expected to rebound, and inflation is gradually slowing from its recent peak."

However, the bank noted that uncertainty in the economic environment remains high.

Since cutting the benchmark interest rate to its current level in October of last year, the Bank of Canada has now held rates steady for six consecutive meetings.

(Photo: AP, Yonhap News)

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