Advertisement

Cost of borrowing money goes up as the Bank of Canada increases its benchmark interest rate again

It is the highest Bank of Canada key lending rate since 2007. As predicted--the nation's Central Bank today increased its benchmark rate for the 8th consecutive time in less than a year--this time by a quarter of a point. As Klaudia Van Emmerik reports, many are hoping this is the peak of the tightening measures as the bank works to drastically decrease inflation.