Bank of Canada Decided to Make an Emergency Interest Rate Cut
The Bank of Canada decided to make a sudden cut in the rates, reducing the central bank’s standard interest rate of 50 points to 0.75%.
The central bank itself already made a cut to its rate to 1.25% at a March 4 meeting to help prevent the impact of COVID-19.
Under usual situations, the bank sets its interest rate every six weeks and only makes an emergency action when there’s a need to do so based on a situation.
The next scheduled decision of the bank’s rate is set on the 15th of April. The bank states that it will give the full information of its viewpoint for Canada’s economy as well as the …