The Bank of Canada cut the overnight rate by 50 basis points to 0.25 percent in an effort to stimulate the country's the economy amid the novel coronavirus (COVID-19) pandemic that has wreaked havoc on the global markets and economies, the Bank announced in a statement on Friday
TORONTO (Pakistan Point News / Sputnik - 27th March, 2020) The Bank of Canada cut the overnight rate by 50 basis points to 0.25 percent in an effort to stimulate the country's the economy amid the novel coronavirus (COVID-19) pandemic that has wreaked havoc on the global markets and economies, the Bank announced in a statement on Friday.
"The Bank of Canada today lowered its target for the overnight rate by 50 basis points to percent. The Bank Rate is correspondingly percent and the deposit rate is percent," the statement said. "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."
