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

COVID-19: Haida Gwaii farmers hope to have market online by mid-April

Physical markets will continue to operate as an essential service

Northern Health ready for COVID-19 surge

Health authority confident with inventory of ventilators

Odds n’ Sods: COVID-19 from a traveller

Elaine Nyeholt’s column for the Haida Gwaii Observer

Several construction projects delayed on Haida Gwaii due to COVID-19

Construction crews sent home; new QC fire hall, two BC Housing projects delayed indefinitely

As 240K apply for emergency benefit, Trudeau says aid coming for Canadians left behind

Canada Emergency Response Benefit provides $2,000 per month

COVID-19 world update: 1,000 cases hit U.S. military; Good news in Spain, Portugal

Comprehensive collection of coronavirus news from around the world

Businesses advised to prepare for federal, B.C. COVID-19 assistance

Canada Revenue Agency portal expected to open this week

Bars, cannabis sector eligible for $40B credit program from government bank

Applicants must go through their own banks to access the program

Immunocompromised community call for more options to get groceries during COVID-19

One woman has decided to build a greenhouse to ensure she is able to access food throughout pandemic

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

COVID-19: Hospitals remain safe for childbirth, say Vancouver Island care providers

North Island Hospital has been asked to share its perinatal COVID-19 response plan

Most Read