Bank of Canada raises interest rates by 0.25%

The Bank of Canada announced Wednesday 7 September that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 3/4 per cent.

The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 3 per cent.

Information received since the July Monetary Policy Report Update (MPRU) indicates that the global and Canadian economies have generally evolved in line with the Bank's expectations, but world energy prices have moved above leve