The Bank of Canada announced it is keeping the key overnight lending rate the same and expects Newfoundland, Alberta and Saskatchewan to feel the brunt of the drop in oil prices.

Today, the Bank of Canada announced it would not change the key overnight lending rate. This is good news for anyone fearful of what increasing interest rates would do to their budget.

The bad news for us here in Newfoundland and Labrador is that the Bank expects the full impact of the drop in oil prices will be felt in Newfoundland, Alberta and Saskatchewan – with other provinces feeling almost no effect.

Read the full article on The Globe and Mail