22 April 2008 17:54 [Source: ICIS news]
TORONTO (ICIS news)--The Bank of Canada on Wednesday cut its target for the overnight lending rate by another 50 basis points, to 3% and hinted at a further cuts, due to weaker global economic growth, the sharp slowdown in the US and ongoing dislocations in financial markets.
The bank has cut rates by a total of 150 basis points from 4.5% since December.
Analysts said the latest cut was in line with expectations, given the ongoing troubles in the important
The C$ was trading roughly at par with the US dollar after falling half a cent on Tuesday morning.
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