Financial institution of Canada holds rate of interest, says it would curb bond purchases

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© Reuters. FILE PHOTO: A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie/File Photo

OTTAWA (Reuters) – The Bank of Canada held its key overnight interest rate at a record low 0.25% as expected on Wednesday and said it would cut its weekly net purchases of government of Canada bonds to a target of C$2 billion ($1.6 billion) from C$3 billion.

In a statement, the central bank said it remained committed to keeping the interest rate unchanged until economic slack was absorbed. This is expected to happen some time in the second half of 2022.

($1 = 1.2458 Canadian dollars)

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