OREANDA-NEWS. The Bank of Canada maintained its key lending rate at 0.75 percent on Wednesday, saying the worst of a shock of plummeting oil prices has likely already struck the economy.

In a statement, the bank said it expects "most of the negative impact from lower oil prices will appear in the first half of 2015, although it may be even more front-loaded" than previously projected, easing the need for further monetary stimulus.

Inflation has eased. The rest of the economy is benefitting from lower oil prices.

And anticipated stronger growth, fueled also by a 0.25 percentage point cut to the bank's overnight lending rate in January, is "well underway," it said.

"In light of these developments," the bank said, "the risks around the inflation profile are now more balanced and financial stability risks are evolving as expected."

As such, the bank concluded that the current rate level "is still appropriate."