Chronology of Crisis Response Measures

• April 21, 2009

  Operating Framework for the Implementation of Monetary Policy at the Effective Lower Bound for the Overnight Interest Rate

  The Bank is setting an effective lower bound (ELB) of 25 basis points on the overnight interest rate in order to preserve the effective functioning of markets in a low interest rate environment.
• April 21, 2009

  Bank of Canada lowers overnight rate target by 1/4 percentage point to 1/4 per cent and, conditional on the inflation outlook, commits to hold current policy rate until the end of the second quarter of 2010

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of a percentage point to 1/4 per cent, which the Bank judges to be the effective lower bound for that rate.

  Content Type(s): Press, Press releases