Tiff Macklem, Governor of the Bank of Canada, holds a press conference at the Bank of Canada in Ottawa on Oct. 29, 2025. The Canadian Press/Sean Kilpatrick
OTTAWA—The Bank of Canada has left its key rate at 2.25 percent for a third consecutive meeting, while warning the ongoing conflict in the Middle East will raise global inflationary pressures and squeeze Canadians’ purchasing power.
“The war in Iran is causing oil prices to move sharply higher, and this will push up inflation in the short term. Canada’s economy is dealing with a lot, and now we face more volatility,” Bank of Canada Governor Tiff Macklem said on March 18.
