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12-10-2008, 03:16 PM
"Canada's central bank cut its benchmark interest rate by a larger-than-expected 0.75 percentage point, and said the country is entering a recession. The move brings the key rate to its lowest level in more than a half century.

The cut, the largest since October 2001, after the Sept. 11 terror attacks in the U.S., lowers the benchmark overnight rate to 1.50%.

The last time the rate was lower was in 1958 when it was at 1.12% -- the lowest on record. The bank now has slashed the rate by a total 2.75 percentage points in the past year."