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Bank of Canada Says Rates on Hold

The Bank of Canada on Wednesday kept its key lending rate on hold but warned the slowing global economy and growing financial uncertainty means monetary stimulus will need to continue for the time being.

The central bank said the European debt crisis "has intensified" and financial market volatility "has increased sharply" amid slower global economic growth.

"Reflecting all these factors, the bank has decided to maintain the target for the overnight rate at one per cent," it said in a statement.

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