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The Bank of Canada (BoC) announced its interest rate decision today. The BoC kept its interest rate unchanged at 1.00%. This decision was expected by analysts.
Canada's central bank said that the nation's economy "is showing signs of a broadening recovery". "Stronger exports are beginning to be reflected in increased business investment and employment", the BoC said.
Lower oil and certain other commodity prices will weigh on the economy in Canada, the BoC pointed out.
The BoC noted that inflation "has risen by more than expected" but remains below 2%. The central bank added that falling oil prices are a downside risk to inflation.
Canada's central bank pointed out that the current monetary policy "is appropriate".
The BoC Governor Stephen Poloz is expected to comment on the decision at 22:30 (GMT0).
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