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

Comments are closed

Just Posted

New space secured for Sooke homeless

The shelter will be ready for residents on July 20

Wheels in motion for Victoria bike network extension

Oak Bay council seeks inclusion on Richardson bike lane

Saanich in driver’s seat for residential road speed reduction pilot project

District recruits 11 CRD municipalities to join pilot project to look at 40 km/h residential limit

Victoria baseball club opens Royal Athletic Park for public picnics

HarbourCats go ahead with annual sock toss for charity despite no games

Horrifying video shows near head-on collision on Trans Canada

The video was captured on dash cam along Highway 1

Surrey in rare position to redefine policing amid calls for defunding

The wheels were set in motion for the new police service in 2018

UPDATE: Vancouver Island skydiving community mourns loss of one of its own

James Smith, 34, of Victoria, dies in Nanoose Bay incident

Elizabeth May endorses Furstenau in BC Greens race

Former federal party leader backs Cowichan Valley MLA

Greater Victoria Crime Stoppers wanted list for the week of July 7

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Fraser Valley woman complains of violent RCMP takedown during wellness check

Mounties respond that she was not co-operating during Mental Health Act apprehension

B.C. sees 12 new COVID-19 cases, no new deaths

Three outbreaks exist in health-care settings

Lost dog swims Columbia River multiple times searching for home

The dog was missing from his Castlegar home for three days.

COVID-19: B.C. promotes video-activated services card

Mobile app allows easier video identity verification

Most Read