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Available Expert - Bank of Canada’s announcement to raise the benchmark interest rate

Thursday, April 14, 2022

Queen’s expert, Don Drummond (Policy Studies) is available to talk about the Bank of Canada’s announcement on Wednesday to raise the benchmark interest rate to 1 per cent. This means it was raised by half a percentage point.  

The Bank of Canada’s interest rate impacts Canadians and businesses because it influences the rates paid and received on savings accounts, mortgages, GICs, etc. With Canada experiencing some of the highest inflation it has seen in over 30 years, economists are expecting interest rates to continue rising in order to keep the increasing prices under control.

“The Bank of Canada starts the game of catch up—having left interest rates too low for too long,” said Prof. Drummond.

To arrange an interview, please contact Media Relations Officer Victoria Klassen (Victoria.klassen@queensu.ca) at Queen’s University News and Media Services Department in Kingston, Ont., Canada.   

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