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September 10, 2020

Supporting growth and greater opportunity

Speech summary Tiff Macklem Canadian Chamber of Commerce Ottawa, Ontario
Governor Tiff Macklem outlines how the COVID-19 recession has had an uneven impact on Canadians and discusses the Bank’s decision yesterday to leave the policy rate unchanged.
September 9, 2020

Bank of Canada maintains commitment to current level of policy rate, continues program of quantitative easing

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds.
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September 10, 2020 Canadian Chamber of Commerce - Press Conference (Webcasts)

Governor Tiff Macklem of the Bank of Canada takes questions from reporters after delivering a virtual speech on the key issues behind the Bank of Canada’s September 9 rate decision. (13:45 (Eastern Time) approx.)

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Policy Interest Rate

Changes in the key interest rate influence other interest rates, and so affect people’s spending decisions.

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