04/17/2013 10:25 EDT | Updated 06/17/2013 05:12 EDT

Canada's central bank lowers 2013 growth forecast, keeps key rate unchanged

TORONTO - The head of Canada's central bank is leaving Canada's key interest rate unchanged at 1 per cent.

Bank of Canada Governor Mark Carney reiterated in a statement on Wednesday that the rate will need to remain low for some time before a rate hike is considered. It is one of Carney's final announcements before leaving to become the governor of the Bank of England.

The bank lowered its 2013 economic growth forecast for Canada to 1.5 per cent from 2 per cent.

CIBC World Markets economist Avery Shenfeld says the bank might not raise the rate until early 2015.

Carney, a Canadian, will become the head of the Bank of England on July 1. He is the first foreigner to be tapped for the position since it was founded in 1694.

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