Bank of Canada cuts interest rate to 0.75%

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

The last rate cut was last week, when it dropped from 1.75 per cent to 1.25 per cent.

@bankofcanada has slashed overnight lending rate by another 50 basis points to 0.75%. @Bill_Morneau announces a stimulus package of $10b to support small businesses.#COVID2019 #economy
— Connectfm915 (@connectfm915) March" class="redactor-linkify-object">https://twitter.com/connectfm9... 13, 2020

Meantime, Finance Minister Bill Morneau says the government is making 10-billion-dollars available to businesses through a credit facility program.

He says it was an effective tool during the 2008 financial crisis and will be again now.