October 1, 2007 / 4:11 PM / 12 years ago

Bank of Canada injects total of C$890 mln in market

OTTAWA, Oct 1 (Reuters) - The Bank of Canada has now injected a total of C$890 million ($899 million) in overnight money into the markets on Monday to lower the overnight interest rate toward the central bank’s target and improve liquidity.

Earlier on Monday, the bank injected C$530 million and has now increased that total.

The bank intervened regularly in August during a credit crunch, but stayed out of the market from mid-August until late September.

It operates through Special Purchase and Resale Agreements, buying securities with the agreement to sell them back the next business day.

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