Prime Minister Stephen Harper said the Bank of Canada’s monetary policy, which has triggered a 5.9 percent decline in the country’s currency, is appropriate and the depreciation doesn’t reflect weakness in the economy.
“We have every reason to have confidence that the Bank of Canada has appropriate monetary policies in place,” Harper said in an interview at his Ottawa office today. He added what matters is not the movement in the Canadian dollar but whether it’s “at an appropriate level given various economic realities.”
Governor Stephen Poloz removed a bias to raise interest rates at his Oct. 23 policy decision, helping to send the Canadian dollar to a four-year low since then.
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