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Bank of Canada sells C$805 mln via SRAs

Tue Mar 18, 2008 12:24pm EDT

OTTAWA, March 18 (Reuters) - The Bank of Canada sold C$805 million ($813 million) worth of government securities in markets on Tuesday to bring the overnight interest rate up toward its target of 3.5 percent.

Bonds

Through special sale and repurchase agreement, or SRA, the bank sells securities and agrees to repurchase them the next business day.

($1=$0.99 Canadian) (Reporting by Louise Egan; Editing by Peter Galloway)

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