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How is the Bank of Canada interest rate set

#MakeItMakeSense is a series from the Star that breaks down personal finance questions to help young Canadians gain more confidence and understanding around financial literacy

When you think of interest, you may think of the charges you got after you didn’t pay off your credit card balance in full at the end of the month. Or, perhaps you think of the interest on one of your investments that has helped you gain money over time.

In essence, interest is a major part of many of our daily finances but for those who are trying to better understand how interest works when it comes to the Bank of Canada and what impacts the percentages it sets, the information can be hard to find and even more difficult to digest.

Luckily, we brought in money expert Jessica Moorhouse to help those looking to better understand interest as a whole for this week’s #MakeItMakeSense.

What is interest and how…

Read more at www.thestar.com

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