Bank of Canada takes C$680 mln out of markets

TORONTO, May 13 (Reuters) - The Bank of Canada sold C$680 million ($680 million) worth of government securities on Tuesday to bring the overnight interest rate up toward 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=$1.00 Canadian) (Reporting by John McCrank; Editing by Peter Galloway)