Masoud Shafie
303- 1338 West Broadway V6H 1H2 Vancouver, BC, Canada

The Bank of Canada has decided to keep its benchmark interest rate unchanged while it digests the impact of its previous policy decisions and effect of drastically lower oil prices on the economy. The central bank revealed Wednesday it will keep its benchmark interest rate known as the target for the overnight rate at 1.75 per cent. The bank raised its rate to that level in October, the fifth time since the summer of 2017 that it decided to hike. The bank's rate directly affects the rates that Canadian consumers get from retail banks. When the central bank increases its interest rate, it makes borrowing more expensive but it's good news for savers.