Bank of Canada holds policy rate steady; to continue quantitative tightening

By Ovunc Kutlu

ISTANBUL (AA) - The Bank of Canada maintained its policy rate Tuesday in line with expectations and said it will continue quantitative tightening.

The central bank announced that it held its targets for the overnight and deposit rates at 4.5% each, and the bank rate at 4.75%.

"Inflation in many countries is easing in the face of lower energy prices, normalizing global supply chains, and tighter monetary policy," it said in a statement.

"At the same time, labour markets remain tight and measures of core inflation in many advanced economies suggest persistent price pressures, especially for services," it added.

The bank said global economic growth has been stronger than anticipated, noting that growth in the US and Europe has been surprising.