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This is the rate set by the Bank of Canada, based on which other financial institutions (commercial banks) set their interest rates on loans and deposits. A decision to lower interest rates can spur economic growth while increasing the inflationary pressure, whereas the increase in rates leads to lower inflation but also slows down the economy growth.
The Bank of Canada's rate decision has significant influence on financial markets. Changes in rates have a direct impact on interest rates for consumer loans, mortgages, and bond rates.
- Release Frequency: eight times a year.
- Release Schedule: 09:00 EST.
- Source: The Bank of Canada.