Tuesday, November 22, 2016
Negative Interest Rates Have Now Started In Canada
Zero Hedge: Canadian Bank Starts Charging Negative 0.75% Rate On Most Foreign Cash Balances
Despite speculation over the past year that Canada may join Japan and Europe in the NIRP club and launch negative interest rates, so far the BOC has stood its ground. However, starting on December 22, for the broker dealer clients of one of Canada's most reputable financial institutions, BMO Nesbitt Burns, it will be as if the Canadian bank has cut its deposit rate on most currencies, to match the deposit rate of Switzerland.
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WNU Editor: I live in Canada, and I keep foreign cash at one of Canada's banks. This news sends a chill down my spine .... because I know this is just the start. Another surprising part of this story .... with the exception of Zero Hedge .... no news organization in Canada is covering this story.