COVID-19: Key announcements

Access news on the Bank’s actions to support the economy and financial system during the COVID‑19 pandemic.

Monetary policy

April 15, 2020

Monetary Policy Report – April 2020

Canada’s economy faces two significant shocks—the plunge in global oil prices and the impact of the COVID-19 pandemic.

Content Type(s): Publications, Monetary Policy Report

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

Support to key financial markets

May 31, 2021

Operational details for upcoming secondary market purchases of Government of Canada securities (June 7-18)

As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP).

Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program

May 17, 2021

Operational details for upcoming secondary market purchases of Government of Canada securities (May 24-June 4)

As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP).

Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program

May 3, 2021

Operational details for upcoming secondary market purchases of Government of Canada securities (May 10-21)

As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP).

Content Type(s): Press, Market notices Source(s): Government of Canada Bond Purchase Program

Liquidity for individual financial institutions

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International co-operation

There are currently no entries.

Speeches and statements

January 20, 2021

Monetary Policy Report Press Conference Opening Statement

Opening statement Tiff Macklem Ottawa, Ontario

Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

Content Type(s): Press, Speeches and appearances, Opening statements

December 15, 2020

Trading for a sustainable recovery

Remarks (delivered virtually) Tiff Macklem Greater Vancouver Board of Trade Vancouver, British Columbia

Governor Tiff Macklem talks about how important trade is for the economic recovery. He discusses what policymakers and business leaders can do to encourage growth in trade.

Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Monetary policy, Productivity, Service sector, Trade integration

December 10, 2020

Our quantitative easing operations: Looking under the hood

Remarks (delivered virtually) Paul Beaudry Greater Moncton Chamber of Commerce, the Fredericton Chamber of Commerce, and the Saint John Region Chamber of Commerce Fredericton, New Brunswick, Moncton, New Brunswick, Saint John, New Brunswick

Deputy Governor Paul Beaudry talks about the Bank’s latest interest rate announcement and discusses how quantitative easing supports economic recovery and the 2% inflation target.

Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Inflation targets, Monetary policy, Monetary policy transmission

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Monetary Policy Report—October 2024

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Speech: Greater Charlottetown Area Chamber of Commerce

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COVID-19: Key announcements

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Monetary policy

Support to key financial markets

Liquidity for individual financial institutions

International co-operation

Speeches and statements

On this page