👉On Wednesday, the Bank of Canada announced its decision to maintain its policy rate at 4.5%, as it monitors the effects of previous rate hikes on the economy. Having raised interest rates eight times between March 2022 and February 2023, the central bank had signaled its intention to pause any further hikes. The bank had implemented a series of rate hikes in early 2022, following a period of reduced rates at the start of the pandemic to stimulate economic activity. Canada's inflation rate, which had peaked at over 8% in June 2022, has since moderated to just over 5% as of February 2023, with the upcoming release of March data expected to indicate a further decrease to as low as 4%. Overall, this latest decision by the Bank of Canada may impact Canadians looking to purchase a home, as the policy rate can influence mortgage rates and overall affordability.✅ . . #BankofCanada #KeyRate #MonetaryPolicy #EconomicNews #InterestRates #CanadianEconomy #FiscalPolicy #mnm #malayalisnearmeapp #canadaupdate #canadanews