COVID-19 actions - Press Conference (Webcasts) - March 2020

COVID-19 actions - Press conference by Governor Stephen S. Poloz and Senior Deputy Governor Carolyn A. Wilkins. (09:30 (ET) approx.).

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.