Bank of Canada decided to keep the key interest rate steady at five percent.

This move was widely expected, as after raising the prevailing rate 10 times since early 2022 to slow runaway inflation, the bank recently indicated that it believes it may be nearing the end of this rate-hiking cycle.

The bank rate also affects the price Canadians get on things like variable-rate loans and some savings accounts.

The bank raised the interest rate to its current level in July, but it has remained steady since then, as the Canadian economy showed signs of slowing down.

The bank said in its announcement of the decision that the economic slowdown reduces inflationary pressures across a broad range of goods and services prices.

Economists watching the central bank believe it has already finished raising interest rates, and forecasts indicate the bank will actually begin lowering the interest rate sometime in 2024.