BOC Urges Flexible  Forex Rates
World Economy

BOC Urges Flexible Forex Rates

Canada will have to “ride out” the economic storm that has plunged the dollar to the 70-cent US range, the central bank governor said, Yahoo reported. It will take time to adjust to the shock of low oil prices as it causes havoc with the economy, Bank of Canada Governor Stephen Poloz said. There is no simple fix but Canada’s flexible exchange rate can soften the blow for some parts of the economy, he said. The bank can also use “unconventional tools” to limit financial and inflationary threats including lowering the trend-setting interest rate into negative territory. Canada has lost more than $50 billion in national income since oil prices started their plunge in mid-2014, Poloz said. This has led to tens of thousands of layoffs in the oil patch, primarily in Alberta, where housing prices have fallen as well. The Canadian dollar’s all-time low was 61.79 US cents in January 2002.


Short URL : http://goo.gl/ZTH7LE
  1. http://goo.gl/yg0lAF
  • http://goo.gl/6kihW9
  • http://goo.gl/yorwPP
  • http://goo.gl/eZvSTv
  • http://goo.gl/naEUIm

You can also read ...

Cambodia’s economic outlook remains positive, but is subject to downside risks.
The IMF Managing Director Christine Lagarde expressed optimism...
More and more Thai merchants are integrating WeChat Pay and Alipay’s systems to cater to tourists.
The internet has changed the way most people live. Through...
More India Bank Frauds Revealed
Over 25,800 fraud cases involving about Rs179 crore ($1.79...
Free trade achieves more good for the planet.
US President Donald Trump’s steel tariffs have brought the...
Qatar Calls to Investigate UAE Bank’s Bogus Deals
Qatar has asked US regulators to investigate the US subsidiary...
Morocco Currency Reform on Right Track
Few weeks after the launch of the gradual dirham float, the...
Apparel imports from ASEAN are growing, spurred by low labor costs  in such countries as Vietnam.
Import prices for apparel and daily goods in Japan plunged...
Germany to Push for Free Trade at G20
Germany’s new Finance Minister Olaf Scholz warned on Sunday...