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Bank of Canada lowers key lending rate to 0.5 percent

Xinhua, July 16, 2015 Adjust font size:

The Bank of Canada on Wednesday announced that it is lowering its key lending rate by 0.25 point to 0.5 percent, the second time the Canadian central bank has cut rate in order to boost the country's sluggish economy.

"The Bank's estimate of growth in Canada in 2015 has been marked down considerably from its April projection," said the Bank of Canada in a statement, predicting that Canada's real gross domestic product will grow by just over 1 percent in 2015 and about 2.5 percent in 2016 and 2017.

Canadian economy has been hard hit by the lower price of oil.

The Canadian central bank made the first lending cut of the year in January. Enditem.