Skip to Main content

13.56°^C Vancouver

News Entertainment Sports Videos Shows Podcast Contact Us

Mar 27, 2020 3:34 PM -

Bank of Canada cuts key interest rate to 0.25 per cent

Share On

bank-of-canada-cuts-key-interest-rate-to-0-25-per-cent

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

The Bank of Canada is cutting its key interest target by half a percentage point to 0.25 per cent in an unscheduled rate announcement.

In a statement on its website, the central bank says its decision to lower rates is aimed at cushioning the economic shocks from COVID-19 and a sharp drop in oil prices by easing the cost of borrowing.

It adds that providing credit in the economy for businesses that need it should help lay the foundation for the economy's return to normalcy.

The interest rate cut takes the key rate to what the central bank referred to as ``its effective lower bound'' or the lowest level that rates can be set.

Bank governor Stephen Poloz is scheduled to discuss the rate cut during a teleconference with reporters this morning.

The central bank is also launching two new programs.

One will aim to alleviate strains in short-term funding markets, while the other will see the central bank begin acquiring federal government securities in the secondary market with a minimum of $5 billion per week.

Latest news

b-c-conservatives-promise-1-000-annual-tax-cut-for-low-and-middle-income-families

B.C. Conservatives Promise $1,000 Annual Tax Cut for Low- and Middle-Income Families

B.C. Conservative Leader Lorne Doerkson has announced a proposed $1,000 annual provincial income-tax cut for low- and middle-income families. Speaking at a grocery store in Surrey, Doerkson said that if elected premier, his government would raise the provincial basic personal income-tax exemption to $32,000. He said this would mean British Columbians would pay no provincial income tax on their first $32,000 of income. Doerkson said a two-income household could save up to $2,000 a year under the proposal, with the money remaining in families’ pockets rather than going to the government. He al

27-year-old-charged-in-burnaby-crash-that-killed-elderly-couple

27-Year-Old Charged in Burnaby Crash That Killed Elderly Couple

A 27-year-old Abbotsford man has been charged in connection with a fatal crash in Burnaby that killed an elderly couple nearly two years ago. According to Burnaby RCMP, the crash occurred on December 21, 2024, at Boundary Road and Forest Street, where two vehicles collided and one vehicle struck the other from the side. A 67-year-old woman and a 71-year-old man, who were travelling in the same vehicle, died at the scene. Following an investigation that lasted nearly two years, the RCMP’s Criminal Collision Investigation Team determined that charges were warranted. The B.C. Prosecution Servic

eby-pledges-to-freeze-icbc-insurance-rates-for-another-three-years

Eby Pledges to Freeze ICBC Insurance Rates for Another Three Years

B.C. NDP Leader David Eby has promised to freeze ICBC insurance rates for another three years if his party is re-elected. Speaking during a campaign stop in Richmond, Eby said the move would mean B.C. drivers would go a total of 10 years without facing additional increases in their vehicle insurance rates. Eby credited his government’s no-fault insurance reforms for helping move B.C. from having some of the most expensive auto insurance in Canada to among the most affordable. He also criticized B.C. Conservative Leader Lorne Doerkson, warning that insurance rates could double again if the Co

bill-c-39-faces-vote-in-house-of-commons-amid-strike-powers-controversy

Bill C-39 Faces Vote in House of Commons Amid Strike Powers Controversy

Canada’s House of Commons is set to vote today on the federal government’s controversial Bill C-39, which aims to fast-track approvals for major projects. The bill has drawn criticism over a provision that would amend Section 107 of the Canada Labour Code, giving the Labour Minister the power to intervene in an ongoing strike by citing the national interest. NDP parliamentary leader Don Davies has called the bill an attack on workers’ and Indigenous rights, as well as environmental protections. He said he is concerned about a growing trend of power being concentrated in the hands of cabi

Vancouver Advance Voting Sets New Daily Record as 25,142 Voters Cast Ballots

Vancouver’s municipal election advance voting has set a new daily record, with 25,142 people casting their ballots on Wednesday, the second day of advance voting. According to preliminary figures released by the City of Vancouver, it was the highest number of advance votes recorded in a single day in the city’s history. The previous record was set just four days earlier, on Oct. 3, when 21,824 voters cast their ballots on the first day of advance voting. In comparison, only 10,502 people voted on the second day of advance voting during Vancouver’s 2022 municipal election. This year’s f

Related News

B.C. Conservatives Promise $1,000 Annual Tax Cut for Low- and Middle-Income Families

B.C. Conservatives Promise $1,000 Annual Tax Cut for Low- and Middle-Income Families

B.C. Conservative Leader Lorne Doerkson has announced a proposed $1,000 annual provincial income-tax cut for low- and middle-income families. Speaking at a grocery store in Surrey, Doerkson said that if elected premier, his government would raise the provincial basic personal income-tax exemption to $32,000. He said this would mean British Columbians would pay no provincial income tax on their first $32,000 of income. Doerkson said a two-income household could save up to $2,000 a year under the proposal, with the money remaining in families’ pockets rather than going to the government. He al

Bill C-39 Faces Vote in House of Commons Amid Strike Powers Controversy

Bill C-39 Faces Vote in House of Commons Amid Strike Powers Controversy

Canada’s House of Commons is set to vote today on the federal government’s controversial Bill C-39, which aims to fast-track approvals for major projects. The bill has drawn criticism over a provision that would amend Section 107 of the Canada Labour Code, giving the Labour Minister the power to intervene in an ongoing strike by citing the national interest. NDP parliamentary leader Don Davies has called the bill an attack on workers’ and Indigenous rights, as well as environmental protections. He said he is concerned about a growing trend of power being concentrated in the hands of cabi

Carney Announces $2B Heat Pump Rebate Program for 820,000 Canadian Homes

Carney Announces $2B Heat Pump Rebate Program for 820,000 Canadian Homes

Canadian Prime Minister Mark Carney announced a new $2-billion national heat pump rebate program on Thursday to help Canadians install energy-efficient heating systems and reduce carbon emissions. The federal government says the program will also help lower electricity and heating costs. The funding is expected to provide rebates to around 820,000 homeowners over the next eight years. According to the government, households that switch to new energy-efficient heat pump systems could save an average of up to $1,400 annually on heating bills. The rebate amount will depend on household income. Lo

Legals

Journalism code of ethics

© 2021 AKASH Broadcasting Inc.

MANAGED BY STRATWIT

useful links

Accessibility Plan

Broadcasting Notice of Consultation

BC Children's Hospital