News

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 1/4 per cent, which the Bank judges to be the effective lower bound for that rate.

The Bank of Canada today announced the appointments of David Wolf to the permanent position of Adviser and Jean Boivin to the rotating role of Special Adviser for the term 2009-2010.

The Bank of Canada's Annual Report for 2008 was tabled in the House of Commons today.

Although the global and Canadian economies are in recessions triggered by the most severe financial meltdown since the 1930s, Canadians can have confidence that unprecedented policy measures will restore growth, Bank of Canada Governor Mark Carney said today.

These are very challenging times. The Canadian economy is in recession. The global economy is facing a crisis of confidence, triggered by the most severe financial meltdown since the Great Depression; fanned by sharp falls in trade, manufacturing output, and financial wealth; and intensified by steep increases in unemployment.