COVID-19: Monetary policy

• March 27, 2020

  Bank of Canada lowers overnight rate target to ¼ percent

  Media Relations Ottawa, Ontario

  The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. 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.

  Content Type(s): Press, Press releases
• March 13, 2020

  Bank of Canada lowers overnight rate target to ¾ percent

  Media Relations Ottawa, Ontario

  The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¾ percent, effective Monday, March 16, 2020. The Bank Rate is correspondingly 1 percent and the deposit rate is ½ percent. This unscheduled rate decision is a proactive measure taken in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices.

  Content Type(s): Press, Press releases
• March 4, 2020

  Bank of Canada lowers overnight rate target to 1 ¼ percent

  Media Relations Ottawa, Ontario

  The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.

  Content Type(s): Press, Press releases