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Bank of Canada Keeps Its Interest Rate at 1%

July 2013, 18
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Canadian Economy
The Bank of Canada announced to keep its target interest rate at 1%. Currently the Bank rate is approximately 1.5%, and the deposit rate is .75%. The overall economic growth remains moderate. The US economic growth is proceeding at a modest pace.

The economic growth in Canada is expected to average 1.8% in 2013 and 2.7% in both years of 2014 and 2015. Export in Canada is projected to gather force, which should boost the confidence, leading to a solid growth in business investment.

Due to the backdrop, the Bank of Canada has decided to maintain the interest rate at 1%. With the growing interest rate,  more investments will take place which in turn will see huge cash inflow in the country. People will start investing on businesses.

Because of the rise in the interest rate, vast investments will be seen in the country. Immigrants from around the world would like to migrate to Canada to invest money on various businesses or shares. People will start applying for various visas, the business man will apply for business visas. This will help the Canadian Economy to progress further in terms of investments which would be beneficial to the entire country and maintain an adequate pace in development.

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