Bank of Canada Announces Raise in Overnight, Deposit Interest Rates to 4.5%

15:48 GMT, 25 January 2023

WASHINGTON (Sputnik) - The Bank of Canada announced in a statement on Wednesday that it has increased the overnight and deposit interest rates to 4.5%, and the bank rate to 4.75%, in order to fight inflation while continuing the policy of quantitative tightening.

Sputnik

"The Bank of Canada today increased its target for the overnight rate to 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4.5%. The Bank is also continuing its policy of quantitative tightening," the statement said.