The Bank of Canada announced this morning that is maintaining its interest rate of five per cent.

As announced by BOC governor Tiff Macklem, the overnight lending rate is at its highest level in 22 years.

Despite standing steady on the interest rate, the BOC is concerned that continuing inflationary pressures will require the lending rate to be increased in the future.

To read BOC’s press release, click HERE.

Erik Hertzberg and Randy Thanthong-Knight of Bloomberg News took a closer look at the BOC’s actions and what Canadians can expect in the coming days. To read their story, click HERE.