On March 27, the Bank of Canada lowered its target for the overnight rate to 0.25 per cent due to COVID-19’s adverse effect on both the Canadian and global economy. COVID-19 has resulted in a substantial fiscal policy action in Canada to help support individuals and business stay afloat.

The Bank of Canada will continue to monitor the economic and financial conditions closely and will announce the next overnight rate targeted for April 15.

For more information, please click the button below for the Bank of Canada’s full press release: