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The pandemic and related measures to control the spread of the virus have deeply affected Canadians and the Canadian economy. The impacts have been different across sectors and regions. The economic recovery will also vary across the country as local economies start to reopen.
When the realities of the COVID-19 pandemic became clear, the Bank moved quickly to adapt its internal operations and support business continuity in our financial system.
In his first speech, Governor Tiff Macklem explains how the Bank’s commitment to low, stable and predictable inflation has guided our actions during COVID-19.
Deputy Governor Lawrence Schembri explains how household spending has changed because of COVID-19 and discusses why the Bank expects the recovery to have two phases.
The Bank of Canada is now the administrator of the Canadian Overnight Repo Rate Average (CORRA) and will post today the first rate calculated using an improved methodology.
When the COVID-19 pandemic hit Canada, the Bank of Canada acted quickly. We needed to make sure the financial system worked well enough that credit could continue to flow. That meant addressing shortages of liquidity in financial markets—the backbone for lending and borrowing in the economy.
Speaking a day after the Bank left the policy rate unchanged, Deputy Governor Toni Gravelle explains how efforts to keep financial markets functioning through the COVID-19 crisis will lay a solid foundation for economic recovery.
Bank of Canada maintains target for the overnight rate, scales back some market operations as financial conditions improve
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent.