News

The Bank of Canada today welcomed the move by a number of Canadian banks, including the six largest, to draw on its new Standing Term Liquidity Facility (STLF).

The Bank of Canada announced today that it successfully launched its new Standing Term Liquidity Facility (STLF).

This unscheduled rate decision brings the policy rate to its effective lower bound, to provide support to the Canadian financial system and to the economy during the COVID-19 pandemic.

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.

Learn about the economic impact of the COVID-19 pandemic and the Bank’s actions to support the Canadian economy and financial system.