News

• March 17, 2020

  Summary of Deliberations of Governing Council, March 13, 2020

  Governing Council’s decision to cut interest rates on Friday, 13 March, 2020 took place under unique circumstances. As such, Governing Council is offering this statement of its reasoning from the decision of March 13.

  Content Type(s): Press, Press releases
• March 15, 2020

  Coordinated Central Bank Action to Enhance the Provision of Global U.S. Dollar Liquidity

  The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.

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

  Canada outlines measures to support the economy and the financial sector

  Today, Minister of Finance Bill Morneau, Governor of the Bank of Canada Stephen Poloz, and Superintendent of Financial Institutions Jeremy Rudin outlined a coordinated package of measures being taken by financial sector partners to support the functioning of markets and continued access to financing for Canadian businesses.

  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 13, 2020

  Press Conference Opening Statement – March 13, 2020

  Opening statement Stephen S. Poloz Ottawa, Ontario

  The Bank of Canada is contributing to the collective effort to support the Canadian economy and financial system, and to ensure credit channels remain open.

  Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Coronavirus disease (COVID-19)
• March 9, 2020

  Bank of Canada announces members of Advisory Council for next $5 bank note

  Media Relations Ottawa, Ontario

  The independent Advisory Council will develop a short list of iconic Canadians who could be featured on the next bank note.

  Content Type(s): Press, Press releases
• March 6, 2020

  Evaluating our approach to monetary policy

  

  James (Jim) C. MacGee, Rhys R. Mendes

  Inflation targeting has been successful in Canada over the past 30 years. But is it the best we can do? The Bank of Canada asks itself, and Canadians, that question every five years.

  Content Type(s): Publications, The Economy, Plain and Simple Topic(s): Credibility, Inflation targets, Inflation: costs and benefits, Interest rates, Monetary policy framework, Price stability
• March 5, 2020

  Labour market is key to Canada’s resilience

  Speech summary Stephen S. Poloz Women in Capital Markets Toronto, Ontario

  Governor Stephen S. Poloz talks about how the labour market is a key source of resilience for Canada’s economy and reviews the Bank of Canada’s decision to lower interest rates. 

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Interest rates, Labour markets, Monetary policy, Recent economic and financial developments
• 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
• March 3, 2020

  Statement of G7 Finance Ministers and Central Bank Governors

  Media Relations

  We, G7 Finance Ministers and Central Bank Governors, are closely monitoring the spread of the coronavirus disease 2019 (COVID-19) and its impact on markets and economic conditions.

  Content Type(s): Press, Press releases