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18/05/2010 -
On June 1, the Bank of Canada will review the latest data compiled by Statistics Canada and make a decision regarding their current interest rate, the Vancouver Sun reports. With inflation apparently on the rise - economists expect it to have jumped up 1.7 percent in April from March's 1.4 percent - the bank might divert from its original plan of keeping its low rate of 0.3 percent. The bank will resort to Statistics Canada's inflation data report being released on Friday.
"This is going to be a key report," said Millan Mulraine, a senior strategist at TD Securities, the Vancouver Sun reports. "In fact, it will more important than the GDP report, which will come the following week."
A possible increased rate could have implications for retail merchants looking for more payment processing activity. With higher rates, consumers might be less inclined to spend more with their cards.
In 2008, total outstanding credit card debt in Canada was $78 billion and as of 2009, 72 million credit cards were in circulation, Canadian Credit Cards reports. Higher interest rates from the Bank of Canada threaten to lower those numbers, so Statistics Canada's report is indeed "key."
