BOC kept its interest rate unchanged at October
25 October 2011
The Bank of Canada cut its growth outlook for the Canadian economy and removed a reference to withdrawing stimulus in a statement. The economy will grow less than projected and take longer to return to its capacity level as weak U.S. growth and a “brief” European recession hurt confidence whilst also reducing export demand, the central bank said after keeping its policy rate at 1 percent. The Bank said the global economy has “slowed markedly” amid rising financial market volatility and reduced “risk-taking” by investors.