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

Slow melt at high elevations near Revelstoke this spring

At one location on Mt. Fidelity there is double the usual snowpack for early July

Summerland Ornamental Gardens remain closed

Staff and volunteers continue to weed and maintain plants

Canada’s deficit result of investing in Canadians: Minister of Middle-Class Prosperity

Minister Mona Fortier said the government is working on the next steps as the economy restarts

From baseball stars to forest fires: Southeast Fire Centre water bomber has an interesting past

Tanker 489 is stationed in Castlegar this year, but in the 1960s it belonged to the L.A. Dodgers.

Morning Start: Naps could save your life

Your morning start for Wednesday, July 9, 2020

B.C. sees 25 new COVID-19 cases, community exposure tracked

One death, outbreaks remain in two long-term care facilities

VIDEO: Vancouver Island cat missing 18 months reunited with family

Blue the cat found at Victoria museum 17 kilometres from home

COVID-19 cases identified in Kelowna, after public gatherings

Those who were downtown or at the waterfront from June 25 to July 6 maybe have been exposed to COVID-19.

VIDEO: Alberta man rescues baby eagle believed to be drowning in East Kootenay lake

Brett Bacon was boating on a lake in Windermere when he spotted the baby eagle struggling in the water

Summerland Blossom Youth Ambassador Program to hold coronation

Event will be held by video as a result of COVID-19 precautions

Vernon shutterbugs capture rainbow

A rain event July 9 made way for a glorious sight

Pooch abandoned at Penticton doggy daycare suffered from oral disease

A fundraiser for Okie held by the BC SPCA surpassed its goal of $1,700

Couple shaken up after homophobic encounter at Kelowna mall

‘We’re not in the States; we’re not in some little hick town; we’re in Kelowna, British Columbia, Canada. And it still happens’

Summerland to allow in-person attendance at July 13 council meetings

Two meetings will be held at Summerland Arena Banquet Room to accommodate public

Most Read