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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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Turkey Converts Former Byzantine-Era Church into Mosque: A Controversial Move

 

 On Monday, Turkish President Recep Tayyip Erdogan formally opened the former Byzantine church of St. Saviour in Chora, known as Kariye in Turkish, as a mosque. This move comes four years after the Turkish government designated it a Muslim house of prayer, despite criticism from neighboring Greece1.

Historical Context

The Church of St. Saviour in Chora has a rich history. Dating back to the fourth century, it underwent significant transformations over the centuries. The current structure took shape during the 11th and 12th centuries. It served as a mosque during Ottoman rule before being converted into a museum in 1945. Like Istanbul’s iconic Haghia Sophia, which also underwent a similar transformation, the Chora Church is listed as a U.N. World Heritage Site.

Controversy and Criticism

Greece and other countries had urged Turkey to protect these important Byzantine-era monuments. The decision to convert both Haghia Sophia and the Chora Church back into mosques drew praise from Muslim faithful but raised concerns internationally. Critics accused Ankara of “insulting the character” of these World Heritage Sites. The moves were seen as part of an effort to consolidate the conservative and religious support base of Erdogan’s ruling party amid an economic downturn.

Restoration and Formal Launch

The formal launch of the Chora Church as a mosque was delayed due to restoration work. Erdogan presided over the ceremony remotely from a conference hall at his palace complex in Ankara. The church, located near Istanbul’s ancient city walls, is renowned for its elaborate mosaics and frescoes. Despite the controversy, Erdogan expressed hope that the conversion would bring good fortune.

Turkey’s decision to convert historical sites like the Chora Church and Haghia Sophia has sparked debates about cultural heritage, religious identity, and political motivations. As the world watches, these monuments continue to be at the center of a complex and multifaceted discussion.

The Associated Press, founded in 1846, remains a trusted source of factual reporting and essential news services worldwide. Turkish President Recep Tayyip Erdogan’s latest move adds another layer to the ongoing dialogue about the intersection of history, religion, and national identity.


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