TechFlow news, October 23 — According to China Fund News, the Bank of Canada cut interest rates by 50 basis points on Wednesday, lowering the benchmark rate from 4.25% to 3.75%. This marks the largest reduction in borrowing costs since March 2020 at the onset of the pandemic. The central bank stated this reflects signs that the country is returning to an era of low inflation. To combat surging prices, the Bank of Canada had previously raised interest rates to a 20-year high, but has now lowered them for four consecutive times since June. Inflation dropped to 1.6% in September, below the 2% target.
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