Bank of Canada takes C$355 mln out of the markets
TORONTO, May 11 (Reuters) - The Bank of Canada sold C$355 million worth of government securities in markets on Monday to bring the overnight interest rate up towards its target.
Through Sale and Repurchase Agreements, or SRAs, the bank sells securities and agrees to repurchase them in the next business day, effectively taking money out of the markets.
($1=$1.16 Canadian) (Reporting by Ka Yan Ng; editing by Peter Galloway)
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