AP News

Canada keeps interest rate at 1 percent

TORONTO (AP) — The Bank of Canada held its key overnight rate at 1 percent because it says it needs to provide stimulus to a slow-moving economy.

The central bank said Wednesday that the global conditions remain weak and that growth in previously hot emerging markets is cooling faster than previously thought, although Canada's economy continues to grow moderately.

The policy interest rate has not changed in two years, but the bank is maintaining its tightening bias, which means that the next rate change, whenever it comes, is more likely to be toward higher interest rates.

The bank says it expects economic growth in Canada to pick up through 2013.

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