Bank of Canada Announcement | July 13
The Bank of Canada met on July 13, 2022 and announced an increase of 1% to interest rates bringing Bank Prime to 4.7%.
Bank of Canada Announcement
The Bank of Canada met on July 13th, 2022 and announced a one percent increase to interest rates bringing Bank Prime to 4.7%.
The Bank of Canada justifies the increase due to:
1. Inflation sitting around 8%
2. Global factors such as the war in Ukraine
3. Ongoing supply disruptions
The next Bank of Canada Announcement is scheduled for September 7th, 2022.