NEW BANK OF CANADA GOVERNOR URGES BUSINESS TO SPEND

Jun 19, 2013

By Michael Kramer

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The Bank of Canada will focus squarely on keeping inflation in check.

That promise comes from new governor Stephen Poloz –  in his first major speech  since he took over the job from Mark Carney.

Poloz described the bank’s two per cent inflation target as “sacrosanct” and says the bank hopes to work closely with business groups as he works  monetary policy through a burgeoning recovery back onto solid ground.

He praised consumers for doing their part in the early days of the recession for borrowing and spending enough that the Canadian economy rebounded.

But now, he says, it’s corporate Canada’s turn to pick up the slack by spending on new technology and other productivity.

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