The monetary policy will remain proactive and flexible, closely coordinated with an appropriately expansionary fiscal policy to prioritise inflation control while supporting sustainable growth.

Entering the fourth quarter, deposit interest rates at commercial banks have begun to increase after a prolonged period of stability.

In a video message on the occasion of the year- end, President of the European Central Bank (ECB) Christine Lagarde spread the belief that the bank will succeed in its efforts to reduce the current high inflation.

The leading economist from the International Monetary Fund (IMF) has recently said Canada is facing high inflation, weak growth and anxiety in financial markets, which have been also the challenges that are dragging down the global economic outlook.