- The federal government asked the Bank of Canada to halt raising interest rates.
- The Liberals reexamine the mandate of the central bank to make sure it prioritizes the needs of the public.
- The central bank announced today that it will maintain its benchmark interest rate at 5%.
The New Democrats advocate that the federal government ask the Bank of Canada to halt raising interest rates, following the example set by the premier of British Columbia.
In a letter last week, Premier David Eby urged Governor Tiff Macklem of the Bank of Canada to refrain from raising interest rates while Canadians are already having difficulty making ends meet.
Interest rates
Jagmeet Singh, the leader of the NDP, praised the action and today suggested that the Liberals reexamine the mandate of the central bank to make sure it prioritizes the needs of the public.
The Liberals could ask the central bank to pause rate increases as part of routine meetings between the governor and federal finance minister, according to Singh’s director of communications in response to a request for further information on the proposed changes.
The mandate of the central bank is established by the federal government and the Bank of Canada, but its operations, including interest rate decisions, are autonomous.
In light of growing indications of an economy in decline, the central bank announced today that it will maintain its benchmark interest rate at 5%.
