Bank of Canada released its first rate announcement for 2011 and has decided to maintain the target for the overnight rate at 1%.  Therefore, the Prime Rate will remain at 3% despite the talks of Prime increasing by a quarter percent as earlier predicted. 

The Bank of Canada projects that our economy will expand by 2.4% this year and 2.8% in 2012 and continues to expect that the economy will return to full capacity by the end of 2012.  The next scheduled interest rate announcement from Bank of Canada will be on March 01, 2011.

Read more on the press release from Bank of Canada here.

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