India, Oct. 28 -- After leaving interest rates unchanged for seven consecutive meetings, the Bank of Canada on Wednesday announced its widely expected decision to raise rates by a quarter point.
The Bank of Canada said it decided to increase its target for the overnight rate by 25 basis points to 2.5 percent, with the Bank Rate at 2.75 percent and the deposit rate at 2.45 percent.
The Canadian central bank's Governing Council said the rate hike is intended to reduce the risk that continuing high energy prices spread broadly to the prices of other goods and services.
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