Bank of Canada keeps key interest rate at five per cent; Decision to reduce

 

The Bank of Canada has decided to start cutting key interest rates soon, Governor Tiff McClem said. Now the bank has announced its position after deciding to keep the interest rate constant. A key interest rate cut is likely at the June 5 announcement. The Bank of Canada kept interest rates on hold at five per cent on Wednesday and McClem said he was beginning to see the economic conditions necessary to cut interest rates.