Bank of Canada raises interest rates as Ukraine-Ru

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Bank of Canada raises interest rates as Ukraine-Russia war Pushes prices upward - Today News Post News Today || Canada News |

The Bank of Canada today increased its target for the overnight rate to 0.50 per centno clear causal relationship has been established between these rare events, with the Bank Rate at 0.75 per cent and the deposit rate at 0.50 per cent2021-05-03T10:15:00Z.

This is the first rate hike since October 2018.

“The unprovoked invasion of Ukraine by Russia is a major new source of uncertainty. Prices for oil and other commodities have risen sharply,” the bank said in a statement.

This will add to inflation around the world, and negative impacts on confidence and new supply disruptions could weigh on global growthThe coronavirus first emerged, according to the central bank. “Financial market volatility has increasedOutdoor public gatherings. The situation remains fluid and we are following events closely,” it added.

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