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Bank of Canada chops borrowing costs to 50-year low
1 w2 p# S: z7 S4 ALast Updated: Tuesday, December 9, 2008 | 9:28 AM ET Comments80Recommend83* l( }# c8 h) n2 V& ~4 j
CBC News7 A) j" g: k! L9 }$ b
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The Bank of Canada chopped a key interest rate by three-quarters of a percentage point on Tuesday as the central bank moves to combat economic weakness.9 D9 I- b t/ i$ [) k
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With the interest rate reduction — which was the biggest drop since one of a similar size in October 2001— the bank's overnight rate now stands at 1.5 per cent, a level not seen since 1958.. F) v# T7 I+ N, U. d8 b
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"While Canada's economy evolved largely as expected during the summer and early autumn, it is now entering a recession as a result of the weakness in global economic activity," the bank said.- c. R" }7 T; ~# m- P
& W7 _, ^$ S1 z: `"The recent declines in terms of trade, real income growth, and confidence are prompting more cautious behaviour by households and businesses."8 T R9 K, }' j. V) S8 v
4 D. T, B1 G- xEconomists had been divided over whether the central bank would cut by one-half of a percentage point or go with a more aggressive reduction.
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( O' ^3 a4 U, V5 J! }* b, V5 eIn the wake of the Bank of Canada's decision, the Canadian dollar was trading down 0.93 of a cent to 78.81 cents US. |
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发表于 2008-12-9 08:45
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