The Bank of Canada is committed to providing liquidity in support of the efficient functioning of Canada's financial markets.

While money markets continue to experience difficulties, there has been significant progress in the functioning of the overnight market. Since 17 August, the overnight rate has been below the Bank of Canada's target rate and no Special Purchase and Resale Agreements (SPRAs) have been required. Against this background, effective 7 September, the Bank of Canada will restore the standard terms for SPRA, accepting only Government of Canada securities.

The Bank of Canada continues to closely monitor financial market developments and the need for the provision of liquidity.