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Bank of Canada drops rate 50bps

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Blog by Bettina Reid | March 3rd, 2009

Good to see some positive news coming out. The Bank of Canada drops lending rate another 50bps. Banks have followed suit in dropping prime rate down to record low 2.5%. “Once the global financial system stabilizes and global growth recovers, the underlying strength of the Canadian economy and financial sector should ensure a more rapid recovery in Canada than in most other industrialized nations,” the Bank of Canada said. To read the rest of the article in the Globe and Mail click on the following link: http://www.theglobeandmail.com/servlet/story/RTGAM.20090303.wrates0303/BNStory/Business