Bank of Canada keeps interest rates at 2.5%

The Bank of Canada announced on Tuesday 12 July that it is maintaining its target for the overnight rate at 2 1/2 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2 3/4 per cent.

Global and Canadian economic developments since the 25 May interest rate announcement have been broadly consistent with the Bank's expectations. In Canada, further progress has been made in adjusting to global developments, and the economy is operating close to its product