Canada’s central bank raises interest rates for the third consecutive time

Canada’s central bank raises rates

TORONTO — Canada’s central bank has raised interest rates for the third consecutive time.

The Bank of Canada increased its key interest rate on Wednesday by a quarter percentage point to 1 percent.

In June, Canada became the first Group of Seven nation to raise interest rates since the global economic crisis. It raised rates again in July.

Canada withstood the global economic crisis better than most developed countries. There was no mortgage meltdown or subprime lending crisis in Canada where the financial sector is dominated by five large banks.