The premier of another province has made a direct appeal to the Bank of Canada to stop raising interest rates.

Ontario Premier Doug Ford said he wrote directly to Bank of Canada Governor Tiff Macklem on Sunday due to the devastating impact that current rates are having on families and businesses in the province.

He has become the second premier to express his opposition to further increases after British Columbia Premier David Eby sent a similar letter to Macklem last Thursday.

The Bank of Canada raised its key interest rate to five percent in July, citing forecasts indicating that the national inflation rate will take longer to reach the bank's target of two percent.

Ford's letter urges Macklem to "consider the impact of high interest rates on ordinary people" before the bank announces its next decision on interest rates on Wednesday.

It also noted that the bank has raised interest rates 10 times in the past eighteen months, costing families "thousands of dollars" monthly to cover mortgage payments.

Ford's letter also stated that Canadian banks expect a significant rise in defaults on loans and mortgages directly resulting from the increase in interest rates.

The message goes on to say that the federal government should work with provinces and territories to invest in and build vital infrastructure projects instead of raising interest rates again.