Canada’s economy faces two significant shocks—the plunge in global oil prices and the impact of the COVID-19 pandemic.
What you need to know about the Bank of Canada’s assessment of the Canadian economy in the face of COVID-19, and how we’re responding.
The Bank of Canada today maintained its target for the overnight rate at ¼ percent, which the Bank considers its effective lower bound. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank also announced new measures to provide additional support to Canada’s financial system.
Release of the Monetary Policy Report - Press conference by Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins. (10:30 (ET) approx.).
Governor Stephen S. Poloz discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.