Bank of Canada cuts key rate to 0.25% from 0.75%

US, WASHINGTON (ORDO NEWS) — On Friday, the Bank of Canada lowered the rate to 0.25% from 0.75%, citing the need to support the financial system and economy during the coronavirus pandemic.

The Central Bank also announced two new programs to ease tensions in the short-term financing markets and to eliminate difficulties in the debt market.

The epidemic has a serious impact on the Canadian economy and population – as well as a sharp drop in oil prices, the regulator said, adding that the board of governors is ready to take new measures if necessary.


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