Ottawa, 8 October (The Global Eye): Canada’s central bank has cut its key interest rate by another 2%, a move aimed at supporting economic growth and easing pressure on households and businesses. The Bank of Canada said the decision comes as inflation continues to slow and the economy shows signs of stabilization.
Bank of Canada Governor Tiff Macklem said the rate cut will help boost borrowing, support investment and encourage job creation. “We are focused on keeping inflation under control while helping the economy grow,” he said.
The central bank also indicated that it may make further adjustments if needed, depending on how the economy performs in the coming months. The rate cut is expected to provide relief for mortgage holders and businesses that have been struggling with higher borrowing costs.