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Canada’s central bank raises key interest rate to 1.5%

Canada’s central bank raises key interest rate to 1.5%

Ottawa :The Bank of Canada on Wednesday hiked its benchmark interest rate to 1.5 percent, the first increase since mid-January, as the Group of Seven economy tries to tame inflation.

“Canada’s economy continues to operate close to its capacity,” the central bank said in a statement, adding that inflation “is expected to edge up further to about 2.5 percent before settling back to 2 percent by the second half of 2019.”