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Posted AT 11:25 AM EST on 06/09/06

Bank of Canada holds rates unchanged

DAVID PARKINSON

Globe and Mail Update

The Bank of Canada held its overnight rate target steady Wednesday, a non-move widely expected by the markets, and indicated it expects to remain on hold for the foreseeable future. The central bank maintained its benchmark rate at 4.25 per cent. It was the second straight rate announcement in which the bank held the rate steady, following seven consecutive 25-basis-point increases that began in September 2005. (A basis point is one-hundredth of a percentage point.

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