Bank of Canada Press Release

PRESS RELEASE - Bank of Canada raises overnight rate target by 1/4 percentage point to 2 3/4 per cent, 16 July.

The Bank of Canada today announced 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.

Since the Bank's last interest rate announcement on 4 June, the economic recovery in Canada has remained stronger than expected and

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