Bank of Canada cuts rates to 0.75%

The unscheduled decision was due to COVID-19 and low oil prices, the Bank said

Ruth Saldanha 13 March, 2020 | 1:48PM

Bank of Canada Building

In an unexpected announcement today (March 13), the Bank of Canada lowered its target for the overnight rate by 50 basis points to 0.75%

“This unscheduled rate decision is a proactive measure taken in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices,” the Bank said in a statement, adding that as the situation evolves, the Governing Council stands ready to adjust monetary policy further if required to support economic growth and keep inflation on target.

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Ruth Saldanha

Ruth Saldanha  Ruth Saldanha is Senior Editor at Morningstar.ca

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