TORONTO, Oct 6 (Reuters) - The Bank of Canada injected C$800 million ($734 million) into markets on Monday to lower the overnight interest rate toward the central bank's target and improve liquidity.
The bank operates through Special Purchase and Resale Agreements, or SPRAs, buying securities with the agreement to sell them back in the next business day, effectively injecting money into markets. ($1=$1.10 Canadian) (Reporting by John McCrank; Editing by Peter Galloway)
Monday, October 6, 2008
Bank of Canada injects C$800 mln into market
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