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Bank of Canada cuts interest rate to 0.75%

BY , Mar 13, 2020 6:55 PM - REPORT AN ERROR

The Bank of Canada is seen Wednesday September 6, 2017 in Ottawa. THE CANADIAN PRESS/Adrian Wyld

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.

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.

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