Another provincial premier is making a direct appeal to the Bank of Canada to stop raising interest rates.
Ontario Premier Doug Ford says he wrote directly to the central bank's governor Tiff Macklem on Sunday because of the devastating impact current rates are having on the province's families and businesses.
The Bank of Canada raised its key interest rate to five per cent in July, citing projections suggesting it will take longer for the national inflation rate to reach the bank's target of two per cent. It says the bank has raised its interest rates 10 times in the last 18 months and is costing families"thousands of dollars" more a month to cover their mortgage payments.
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