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The Bank of Canada raised its benchmark interest rate to 0.5 per cent on Wednesday, a move that’s expected to be the first of a series of small rate hikes this year, in an attempt to tame the inflation that has hit a three-decade high of 5.1% in January. Canada seems to have rebounded from the pandemic-induced recession and no longer needs the emergency monetary supports that have been put into place.It’s the first time the bank has raised its rate since 2018.
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The Big Five Banks have raised PRIME Rate to 2.70%, For more information, contact me today!Connect with me on:
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-> Purchase
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