C.D. Howe Institute's Monetary Policy Council Calls for Bank of Canada to Keep its Benchmark Interest Rate Target at 3.00 Percent



    TORONTO, Aug. 28 /CNW/ - The C.D. Howe Institute's Monetary Policy
Council (MPC) today recommended that the Bank of Canada maintain its target
for the key overnight interest rate at 3.00 percent at its next announcement
on September 3, 2008. The overnight rate is a very short-term money-market
rate that the central bank targets for monetary policy purposes.

    The MPC is a panel sponsored by the C.D. Howe Institute to provide an
independent assessment of the monetary stance most appropriate for the Bank of
Canada as it seeks to achieve its 2 percent inflation target. William Robson,
the Institute's President and CEO, chairs the Council.

    The release is available at:
    http://www.cdhowe.org/display.cfm?page=monetaryReleases





For further information:

For further information: Kristine Gray, phone: (416) 865-1904, e-mail:
kgray@cdhowe.org


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