The Bank of Canada raised its benchmark interest rate by a quarter of a point to one per cent on Wednesday. It's the second time this year that the central bank has upped the rate, after hiking it for the first time in seven years in July. The central bank's rate has an impact on lending rates that consumers and savers get from banks on mortgages, lines of credits, savings accounts and other financial vehicles. Morneau says rate hike due to growing economy0:32"That's what we should expect when the economy is doing well," the finance minister added. Last Thursday, Statistics Canada reported the Canadian economy had its strongest first half to the year since 2002, which the bank alluded to in its statement.

Source: CBC News September 06, 2017 14:07 UTC