Canadian Dollar Cracks As International Tourism Booms
Photo: morbokat
The Bank of Canada released today that it’s keeping its overnight rate at 0.5 percent. And the bank rate is correspondingly at 0.75 percent and the deposit rate is locked in at 0.25 percent.
Overall the bank expects inflation to rise about 2 percent by early 2017. And now expects the economy's growth to be delayed until the second quarter of 2016.
Non-resource sector expected to be the main source of growth going forward #cdnecon pic.twitter.com/u5BPicSVKO
— Bank of Canada (@bankofcanada) January 20, 2016
They also project Canada's economy will grow by about 1 1/2 percent in 2016 and 2 1/2 percent in 2017. But due to the sinking oil prices, it looks like other resources will be the main source of advancing the economy.
“The protracted process of reorientation towards non-resource activity is underway, helped by stronger U.S. demand, the lower Canadian dollar, and accommodative monetary and financial conditions,” policy makers led by Governor Stephen Poloz said in a statement.
Number of international visitors to Canada has picked up; number of Canadians going abroad has declined pic.twitter.com/2CAdlBkBuj
— Bank of Canada (@bankofcanada) January 20, 2016
Which means there’s no better time than now to visit Canada and explore every corner of it.
As a matter of fact, Canada was ranked as #2 in best countries around the world. And ranked as #1 for best quality of life, according to U.S. News.
Canada ranks high as one of #Bestcountries in global evaluation revealed at #Davos2016 #WEF https://t.co/UmrCbc3w2z pic.twitter.com/cXAWekjZzR
— Canada (@Canada) January 20, 2016
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