This unscheduled rate decision brings the policy rate to its effective lower bound, to provide support to the Canadian financial system and to the economy during the COVID-19 pandemic.
The Bank of Canada has been working hard to ensure the financial system has sufficient liquidity so that credit continues to be available to businesses and households.
The Bank of Canada is contributing to the collective effort to support the Canadian economy and financial system, and to ensure credit channels remain open.
Governor Stephen S. Poloz discusses the Bank’s latest interest rate announcement as well as Canada’s labour market—an important source of economic resilience.
Senior Deputy Governor Carolyn A. Wilkins talks about how to navigate slow growth and discusses the types of policies that would help secure long-term prosperity.
Deputy Governor Paul Beaudry explains to students at Laval University why financial vulnerabilities—such as household debt—are important for the Bank of Canada when it sets interest rates.