Bank of Canada keeps rates on hold but Brexit and wildfires to weigh on growth
Posted on July 13, 2016 at 3:37 pm GMTThe Bank of Canada held interest rates unchanged at 0.5% at its monetary policy meeting on Wednesday as expected. However, the central bank lowered its outlook for the country’s GDP for 2016 in its latest quarterly report as second quarter growth is expected to take a big hit from the wildfires that broke out in Canada’s oil sands at the beginning of May. The forecast for annualized growth in the second quarter was lowered sharply from +1.0% to -1.0%. The [..]