Bank of Canada holds interest rate steady at 1%

Wednesday was Stephen Poloz's first policy decision since heading up the Bank of Canada earlier this summer. (Galit Rodan/Bloomberg)

The Bank of Canada opted to keep its benchmark interest rate steady at one per cent on Wednesday, the same level it's been at for almost three years.

Wednesday's rate announcement was the first policy decision to be unveiled since Stephen Poloz was named to replace Mark Carney as governor at the start of June.

Canada's central bank hasn't moved its benchmark lending rate since September 2010.

More to come