BoC to Keep Rates until Inflation Target is Reached

The Bank of Canada (BoC) plans to maintain its main interest rate near zero until the 2% inflation target is sustainably achieved.

This comes as the BoC decided to maintain its benchmark interest rate at 0.25% on Wednesday

BoC is also committed to buying $3.7 billion worth of Canadian government bonds every week, until the recovery process is completed.

“As the economy moves from reopening to recuperation, it will continue to require extraordinary monetary policy support,” the Canadian central bank said in a statement.