A woman walks past the Bank of Canada in Ottawa. File photo by THE CANADIAN PRESS

Bank of Canada cuts rate target to 0.75% in response to COVID-19

The cut follows a decision last week by the Bank of Canada to cut its key interest rate by half a percentage point

The Bank of Canada is cutting its overnight rate target by half a percentage point to 0.75 per cent in response to COVID-19.

The central bank says the unscheduled rate decision is a “proactive measure” taken in light of the negative shocks to the economy due to the pandemic.

The Bank of Canada says lower oil prices, even since its last scheduled rate decision last week, will also weigh on the economy.

The central bank made the rate announcement as part of a package of measures announced by the federal government.

READ MORE: Canada will ban cruise ships with over 500 people from docking until July

The cut follows a decision last week by the Bank of Canada to cut its key interest rate by half a percentage point.

The central bank says it will provide a full update of its outlook for the Canadian and global economies on April 15.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

North Island College going digital for spring, summer terms

Students won’t need to be on campus for coursework, labs or exams

Campbell River elementary school wins Follett Challenge award

Willow Point School earned $5,000 US in Follett products and software

Sayward Clean Up Days postponed in April

July event to go as scheduled until further notice

RCMP looking for missing Campbell River man

Bernard Eberlein was last seen in Campbell River on March 27

B.C. records five new COVID-19 deaths, ‘zero chance’ life will return to normal in April

Province continue to have a recovery rate of about 50 per cent

6.5-magnitude earthquake in Idaho shakes B.C. Interior

An earthquake was reportedly felt just before 5 p.m. throughout the Okanagan

John Horgan extends B.C.’s state of emergency for COVID-19

Premier urges everyone to follow Dr. Bonnie Henry’s advice

B.C.’s first community COVID-19 death was dentist ‘dedicated’ to health: lawyer

Vincent was 64 when he died on March 22 after attending the Pacific Dental Conference

Two inmates at prison housing Robert Pickton test positive for COVID-19

Correctional Service of Canada did not release any details on the identities of the inmates

BC SPCA launches matching campaign to help vulnerable animals after big donations

Two BC SPCA donors have offered up to $65,000 in matching donations

Quarantined B.C. mom say pandemic has put special-needs families in ‘crisis mode’

Surrey’s Christine Williams shares family’s challenges, strengths

Anti-tax group calls for MPs, senators to donate scheduled pay raises to charity

Bill C-30, adopted 15 years ago, mandates the salary and allowance increases each calendar year

Two arrested after man lies about COVID-19 illness to stay in Victoria Airbnb for free

Victoria Police found stolen goods inside the occupied unit

Most Read