The Bank of Canada has maintained the interest rate at five per cent. The Bank Rate is at 5¼ per cent and the deposit rate is at five per cent.

In Canada, the economy has stalled since the middle of last year and growth will likely remain close to zero through the first quarter of this year.

Inflation is easing gradually and the bank projects that inflation will stay around three per cent through the first half of this year, returning to target in 2025.