This increase in interest rates is the fifth time this year, which the Canadian Central Bank aims to calm the high inflation rates in the country, at a time when central banks in many countries of the world are working to tighten their monetary policy and raise interest rates to curb inflation.
The Bank of Canada raised interest rates by a full percentage point in mid-July, as the increase in interest rates by 100 basis points was the largest since 1998, and reached the main interest rates to 2.5 percent.
Inflation in Canada fell in July to 7.6 percent on an annual basis, compared to 8.1 percent in June.
Bank of Canada Governor Teff McClem said in August that inflation in Canada may have peaked, but will remain elevated for some time.
#Canadas #central #bank #raises #interest #rates #time #year