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COVID-19: Key announcements

Access news on the Bank’s actions to support the economy and financial system during the COVID‑19 pandemic.

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Monetary policy

March 27, 2020

Bank of Canada lowers overnight rate target to ¼ percent

Media Relations Ottawa, Ontario
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.
Content Type(s): Press, Press releases
March 13, 2020

Bank of Canada lowers overnight rate target to ¾ percent

Media Relations Ottawa, Ontario
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.
Content Type(s): Press, Press releases
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Speeches and statements

December 10, 2020

Our quantitative easing operations: Looking under the hood

Remarks (delivered virtually) Paul Beaudry Greater Moncton Chamber of Commerce, the Fredericton Chamber of Commerce, and the Saint John Region Chamber of Commerce Fredericton, New Brunswick, Moncton, New Brunswick, Saint John, New Brunswick
Deputy Governor Paul Beaudry talks about the Bank’s latest interest rate announcement and discusses how quantitative easing supports economic recovery and the 2% inflation target.
Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Inflation targets, Monetary policy, Monetary policy transmission
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