Ottawa: Pierre Poilievre, leader of the Conservative Party and leader of the main opposition condemned the move of Bank of Canada for hiking the interest rates again.

In the statement, Poilievre said that the Bank of Canada has increased the interest rates by another 0.5 percent.

As a result of such increases, Canadians have to pay thousands of dollars more to pay their mortgages, debts and debts to repay Justin Trudeau’s debt. Many Canadians already have a hard time making ends meet in June, and such an increase in interest rates on them will further fall a mountain of trouble on Canadians.

He said that people have to take more loans to fill their stomachs and keep their homes warm in winter, to fill gas in cars and to pay their mortgages. In the second half of this year, this debt has reached 2.32 trillion, which is 8.2 percent more than the same period last year.

Poilievre added that the debt would cost more because of trudeau and his monetary losses.

He said his party has a plan to deal with the inflation ary crisis brought about by the Trudeau government. “We will crack down on the government’s expenditure, we will create more energy, we will not allow any shortage of food and houses, and we will also wipe out the carbon tax,” he said.

Canadians can no longer support Justin Trudeau and his expensive alliance. Now it’s time to bring one pie back to Ottawa, Poilievre said.

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Ottawa: The Bank of Canada has increased its interest rates by .50 percent from 3.25 percent to 3.75 percent. Since March, the central bank has increased its policy rate six times. All this is being done by the bank to control inflation and meet its earlier target of 2 percent.

According to its latest monetary policy report, the bank has predicted that Canada may face a recession in the first half of 2023.

The report said that in the end of 2022 and the first middle of 2023, the Gross Domestic Product rate is expected to be between 0 percent and 0.5 percent.

The bank has also predicted that Canada’s growth rate could be below 1 percent in 2023 from 3.25 percent this year.

It also said that the global growth rate is also expected to be 1.5 per cent next year. Barring the Covid-19 pandemic and the financial crisis of 2008, no such slow growth rate has been seen since 1982.

Addressing a press conference on Wednesday, Bank of Canada Governor Tiff McCallum said that such a contraction of the economy is not dangerous, but it will definitely slow down the pace of the economy. McCallum also hinted at further increase in interest rates in the coming days.

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