The Bank of Canada announced on Tuesday 19 October that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 1/2 per cent. The bank said that given the effects of higher oil prices and the past appreciation of the Canadian dollar, it projects growth to be slightly less than 3 per cent in 2005.
The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 2 3/4 per cent.
The Canadian economy is operating near its productio
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