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Speaking a day after the Bank left the policy rate unchanged, Deputy Governor Toni Gravelle explains how efforts to keep financial markets functioning through the COVID-19 crisis will lay a solid foundation for economic recovery.

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent.

During this time of heightened public health measures intended to limit the transmission of COVID-19, some consumers and businesses are choosing not to use cash to limit potential exposure.

Here’s what determines the interest rate on your mortgage—and why that rate can go up and down.

Good afternoon, Mr. Chairman and committee members. Senior Deputy Governor Wilkins and I welcome the opportunity to appear before you to discuss the Bank of Canada’s actions in response to the coronavirus pandemic. Since the pandemic began, the Bank has had two goals in mind. In the short term, we have been working to help […]