May 6, 2020
The Bank of Canada Releases Its Annual Report for 2019
The Bank of Canada’s Annual Report for 2019 was tabled in the House of Commons today.
Press Releases
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May 1, 2020
Tiff Macklem Appointed Governor of the Bank of Canada
The Directors of the Bank of Canada, appointed under Section 9 of the Bank of Canada Act, today announced that they have appointed Tiff Macklem as Governor of the Bank of Canada for a seven-year term, effective 3 June 2020. -
April 15, 2020
Bank of Canada maintains overnight rate target and unveils new market operations
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. -
March 31, 2020
Bank of Canada welcomes use of new liquidity facility by financial institutions
The Bank of Canada today welcomed the move by a number of Canadian banks, including the six largest, to draw on its new Standing Term Liquidity Facility (STLF). -
March 30, 2020
Bank of Canada announces successful launch of Standing Term Liquidity Facility
The Bank of Canada announced today that it successfully launched its new Standing Term Liquidity Facility (STLF). -
March 27, 2020
Bank of Canada lowers overnight rate target to ¼ percent
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support to the Canadian financial system and the economy during the COVID-19 pandemic. -
March 17, 2020
Summary of Deliberations of Governing Council, March 13, 2020
Governing Council’s decision to cut interest rates on Friday, 13 March, 2020 took place under unique circumstances. As such, Governing Council is offering this statement of its reasoning from the decision of March 13. -
March 15, 2020
Coordinated Central Bank Action to Enhance the Provision of Global U.S. Dollar Liquidity
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. -
March 13, 2020
Canada outlines measures to support the economy and the financial sector
Today, Minister of Finance Bill Morneau, Governor of the Bank of Canada Stephen Poloz, and Superintendent of Financial Institutions Jeremy Rudin outlined a coordinated package of measures being taken by financial sector partners to support the functioning of markets and continued access to financing for Canadian businesses. -
March 13, 2020
Bank of Canada lowers overnight rate target to ¾ percent
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¾ percent, effective Monday, March 16, 2020. The Bank Rate is correspondingly 1 percent and the deposit rate is ½ percent. 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.