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Growth in the global economy has weakened since the January Monetary Policy Report Update, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated.

As part of its continuing provision of liquidity in support of the efficient functioning of financial markets, the Bank of Canada announced today that it will enter into a 28-day term purchase and resale agreement (PRA) as follows:

The Financial Stability Forum (FSF) has presented to the G7 Finance Ministers and central bank Governors a report making recommendations for enhancing the resilience of markets and financial institutions.

The Bank of Canada and the Toronto Police Service are reminding the public and retailers to pay close attention to the bank notes they receive. A number of counterfeit $100 notes have been passed mainly in the Greater Toronto Area in the last few weeks.

Bank of Canada today released its April Monetary Policy Report, which discusses current economic and financial trends in the context of Canada's inflation-control strategy.

Growth in the global economy has weakened since the January Monetary Policy Report Update, reflecting the effects of a sharp slowdown in the U.S. economy and ongoing dislocations in global financial markets. Growth in the Canadian economy has also moderated.

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 3 per cent.

The results of today's term PRA operations are as follows:

Results of the 16 April 2008 Sale of Treasury Bills.

The Bank of Canada announced today it will sell $2 billion of its holdings of treasury bills. This transaction will offset the temporary increase in assets associated with the term purchase and resale transactions announced today.