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Posted AT 12:03 PM EST on 22/04/08

Bank of Canada slashes rates

HEATHER SCOFFIELD

Globe and Mail Update

Ottawa — The Bank of Canada aggressively cut its key interest rate by another half percentage point Tuesday, warning of a long, tough two years ahead for Canada as plunging exports undermine the economy's strength and businesses and consumers lose confidence. The central bank's key rate now stands at 3 per cent, a full 150 basis points lower than where it stood last fall (a basis point is one one-hundredth of a percentage point.).

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