OTTAWA—The Bank of Canada may need to start hiking its trendsetting interest rate within the next year and steadily push it to 2.25 per cent by the end of 2015, according to an international think-tank representing the world’s leading economies.

The central bank has kept its policy rate fixed at one per cent since September 2010, leading to one of the most stable and favourable borrowing environments in many de

But the Organization for Economic Co-operation and Development said in a report Tuesday that with the Canadian and global economies about to return to more stable and predictable growth, that period is coming to an end.

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