This article was created by Wise Publishing. While Postmedia may collect a commission on sales through the links on this page, we are not being paid by the brands mentioned.“Never say never,” says Bank of Canada Governor Tiff Macklem.pledging to keep its benchmark interest rate lowMacklem is fond of calling the current 0.25% rate the “effective lower bound” and said policymakers aren’t discussing the idea of going negative — not yet.
Businesses and consumers tend to wait to see if prices will go even lower, so they save money instead of spending it. To encourage spending, banks start making it costly to sit on your money. Negative interest works the opposite way for borrowers. To get people and businesses spending, banks extend loans at negative rates — meaning a borrower’s interest “charge” is subtracted from the principal, not added to it.with a negative annual interest rate of -0.5%. By the time you finish repaying the loan, you’ll have paid less money than the amount you originally borrowed.
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