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  • Writer's pictureStaff Writers

Bank of Canada increases interest rate

The Bank of Canada has increased the interest rate to 0.5%.

The adjustment is to combat the rate of inflation and the bank added that the unprovoked invasion of Ukraine by Russia is a major new source of uncertainty.

The price of oil and other commodities has increased sharply. Financial market volatility has increased.

The next scheduled date for announcing the overnight rate target is April 13.

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