19 Jan 2011

Bank rate held in Canada

10:40 am on 19 January 2011

The Bank of Canada has left its overnight lending rate unchanged at 1%.

Rates were previously increased to 0.5% in June and raised again in July and September.

In a statement, the bank said the global economic recovery is proceeding at a "somewhat faster face" than it anticipated.

The bank projects the economy will expand by 2.4% in 2011.

The BBC reports Canada's economy was less badly hit than other G7 members because it did not have a sub-prime crisis.