Bank of Canada cuts overnight rate by 50 basis points to ¼ percent.


Opening Statement
Stephen S. Poloz - Governor
Ottawa, Ontario
March 27, 2020

Good morning, and thank you for joining Senior Deputy Governor Wilkins and me to discuss today’s interest rate decision. Before turning to your questions, let me briefly summarize today’s announcements.

First, we have lowered our target for the overnight rate by 50 basis points to ¼ percent. 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 government has announced decisive fiscal actions to defend Canadians and the economy from the damaging effects of COVID-19. These actions are designed to support individuals and businesses through this very difficult time, and to minimize any permanent damage to the structure of the More

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