COVID-19: Monetary policy

• July 15, 2020

  Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues program of quantitative easing

  Media Relations Ottawa, Ontario

  The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent.

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

  Monetary Policy Report – July 2020

  

  The Bank expects a sharp rebound in economic activity in the reopening phase of the recovery, followed by a more prolonged recuperation phase.

  Content Type(s): Publications, Monetary Policy Report
• June 3, 2020

  Bank of Canada maintains target for the overnight rate, scales back some market operations as financial conditions improve

  Media Relations Ottawa, Ontario

  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.

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

  Bank of Canada maintains overnight rate target and unveils new market operations

  Media Relations Ottawa, Ontario

  The Bank of Canada today maintained its target for the overnight rate at ¼ percent, which the Bank considers its effective lower bound. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank also announced new measures to provide additional support to Canada’s financial system.

  Content Type(s): Press, Press releases
• 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
• 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