A woman walks past the Bank of Canada in Ottawa. File photo by THE CANADIAN PRESS

Bank of Canada cuts rate target to 0.75% in response to COVID-19

The cut follows a decision last week by the Bank of Canada to cut its key interest rate by half a percentage point

The Bank of Canada is cutting its overnight rate target by half a percentage point to 0.75 per cent in response to COVID-19.

The central bank says the unscheduled rate decision is a “proactive measure” taken in light of the negative shocks to the economy due to the pandemic.

The Bank of Canada says lower oil prices, even since its last scheduled rate decision last week, will also weigh on the economy.

The central bank made the rate announcement as part of a package of measures announced by the federal government.

READ MORE: Canada will ban cruise ships with over 500 people from docking until July

The cut follows a decision last week by the Bank of Canada to cut its key interest rate by half a percentage point.

The central bank says it will provide a full update of its outlook for the Canadian and global economies on April 15.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

City of White Rock ponders feedback on CAC funds

Some $13 million will come to the city as a result of ongoing developments

Stargazing ‘keeps you humble,’ says Surrey astronomy enthusiast

Terry McComas shares his passion for the celestial

South Surrey-based pen-pal program aims to reduce seniors’ isolation during pandemic

South Surrey/White Rock concierge service to connects kids & seniors virtually

B.C. firefighters only responding to most life-threatening calls during COVID-19 pandemic

The directive comes after province spoke with paramedics, fire services, according to top doctor

Surrey city council moving to virtual meetings

For public hearings, people can register to speak via telephone

‘Better days will return’: Queen Elizabeth delivers message amid COVID-19 pandemic

The Queen said crisis reminds her of her first address during World War II in 1940

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

COVID-19: Hospitals remain safe for childbirth, say Vancouver Island care providers

North Island Hospital has been asked to share its perinatal COVID-19 response plan

Insurance shock for B.C. condo owners

Claim-free two-year-old townhouse complex told premium will nearly triple

Canadian cadets to mark 103rd anniversary of Vimy Ridge April 9 virtually

Idea of Captain Billie Sheridan in Williams Lake, B.C. who wondered what to do in times of COVID-19

B.C. VIEWS: Pandemic shows need for adequate care home staffing

Seniors in B.C. care homes face challenging times

Most Read

l -->