The Bank of Canada (BoC) has raised its interest rate by 50 basis points to 1%, the central lender said on Wednesday.
The BoC issued a statement adding that it will begin the quantitative tightening on April 25, which means that the government bonds will not be replaced upon maturity, which will result in a smaller balance sheet.
The bank said that it now sees the country's gross domestic product growth at 4.25% in 2022, at 3.25% in 2023, and at 2.25% in 2024.
