A woman walks past the Bank of Canada in Ottawa. File photo by THE CANADIAN PRESS

Bank of Canada cuts rate target to 0.75% in response to COVID-19

The cut follows a decision last week by the Bank of Canada to cut its key interest rate by half a percentage point

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

The central bank says the unscheduled rate decision is a “proactive measure” taken in light of the negative shocks to the economy due to the pandemic.

The Bank of Canada says lower oil prices, even since its last scheduled rate decision last week, will also weigh on the economy.

The central bank made the rate announcement as part of a package of measures announced by the federal government.

READ MORE: Canada will ban cruise ships with over 500 people from docking until July

The cut follows a decision last week by the Bank of Canada to cut its key interest rate by half a percentage point.

The central bank says it will provide a full update of its outlook for the Canadian and global economies on April 15.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Kamloops RCMP investigate alleged abduction attempt

A 13-year-old boy told police he was approached and grabbed by a man

Kelowna’s Gospel Mission becomes a 56-bed shelter amid COVID-19 complications

Kelowna’s Gospel Mission outreach team will provide meals to those in need in the community

Kelowna production company keeps filming through COVID-19 pandemic

DCD Productions uses drones so crew can keep their physical distance

Snowfall warning in effect for Coquihalla Highway

Total accumulations of up to 25 cm can be expected by this evening

Canada expands 75% wage subsidy to COVID-19 affected businesses of all sizes: Trudeau

Program will provide up to $847 per week for each worker

UPDATE: Coronavirus concerns prompt event cancellations across the Okanagan

This is a running list of events cancelled across the Okanagan

No need to press the walk button at some North Okanagan crosswalks

City automating intersections in response to COVID-19

Canadian ferry operators call for inclusion in COVID-19 travel restrictions

Domestic travel restrictions should include ferries, operators say

SORCO rescues ‘Hope’ the owl, their first of 2020

The organization is experiencing a large decrease in the number of injured birds being reported

Clearwater RCMP look for missing Alberta man

Wayne Theriault was last believed to have been seen on March 24

Canadian COVID-19 update: Cases spike in Quebec & Ontario; Nine O’Clock Gun salutes health workers

Comprehensive Canadian news update as of 12:30 p.m., Monday, March 30.

WATCH: Police, fire rally for Vernon hospital workers in COVID-19 fight

Sirens blaring and pots clanging, residents and emergency responders cheer on nurses, doctors

North Okanagan woman helps others apply for EI amid COVID-19

Pandemic has locals retooling skillsets to help others

Most Read