Patricia Lattanzio
Patricia Lattanzio
Member of Parliament for Saint-Léonard—Saint-Michel
Bank of Canada cuts interest rates for a second time !
July 26, 2024

This week, the Bank of Canada announced that it was lowering interest rates by .25% at a second consecutive meeting. This is excellent news for all Canadians, and clearly illustrates that our economy can operate at its full potential.

While most countries around the world have experience inflation in recent years, Canada was the first G7 country to lower interest rates and is now the first G7 country to lower them a second time.

At the same time, the inflation rate in Canada fell to 2.7% in June which marks the sixth month in which inflation has remained below 3% and within the target range set by the Bank of Canada. Not only that, but the International Monetary Fund (IMF) also projected that Canada will have the fastest-growing economy in the G7 by 2025. This is excellent news and confirms that our economic plan is working.

As the Bank of Canada continues its independent work to reduce inflation, our government is doing its part by delivering a solid and responsible economic plan. We will continue to work to ensure that every generation has a fair chance to succeed.

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