05/29/2013 10:30 EDT | Updated 07/29/2013 05:12 EDT

Canada keeps key rate unchanged in Carney's last final announcement

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 Carney's final announcements before leaving to become the governor of the Bank of England.

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.

Economists in Canada are not expecting any rate hike in Canada for some time.