The Bank of Canada (BOC) lowered its target for the overnight rate by 50 basis points to 0.25% today. The Bank Rate is correspondingly 0.5% and the deposit rate is 0.25%.
This is the third time the BOC has lowered the target for overnight rates; They dropped 50 basis points to 1.25% on March 4th, another 50 basis points to 0.75% on March 13th, and a third 50 basis points to 0.25 % today.
These decisions bring 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.
Read full article :
https://www.bankofcanada.ca/2020/03/press-release-2020-03-27/?fbclid=IwAR1X7-Pu0brKLKuyZxL62y4h39USfzPmMoCY16ojhBrFXdjk9wm2VMeo-cg
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