Monetary Policy Report – April 2020
Canada’s economy faces two significant shocks—the plunge in global oil prices and the impact of the COVID-19 pandemic.
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.).