Explore why the Bank of Canada has stuck to a 5% policy rate for the fifth time amid global economic changes. Uncover the details of Canada's growth, inflation, and dedication to maintaining stable prices. Stay informed and get an overview of what's shaping Canada's economy.

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The Bank of Canada has opted to maintain its key interest rate at 5%. The decision comes against the backdrop of a global economic slowdown, impacting Canada's growth, which contracted by 1.1% in Q3 of 2023. As Canada grapples with ongoing economic challenges, the central bank's decision reflects a carefully considered strategy amidst a complex global economic landscape.

The Bank of Canada has opted to maintain its benchmark interest rate at 5%, marking the second consecutive instance in which the central bank has refrained from adjustments. This could indicate a shift towards a more conservative stance, given the ten rate increases enacted in the past year.

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.