Posted AT 11:30 AM EST on 04/12/07
Central bank cuts interest rates as high loonie, credit turmoil raise fears
OTTAWA — The high Canadian dollar and turmoil in credit markets have prompted the Bank of Canada to cut its key interest rate by a quarter point.
Just months after the central bank indicated that it was on a course of hiking interest rates, it announced Tuesday it has changed direction, lowering its target rate to 4.25 per cent.
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