Emergency Interest Rate Cut By Bank of Canada 

in a surprise move, the Bank of Canada cuts rates again

See full statement below:

"The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¾ percent. The Bank Rate is correspondingly 1 percent and the deposit rate is ½ percent. This unscheduled rate decision is a proactive measure taken in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices.

It is clear that the spread of the coronavirus is having serious consequences for Canadian families, and for Canada’s economy. In addition, lower prices for oil, even since our last scheduled rate decision on March 4, will weigh heavily on the economy, particularly in energy intensive regions.

The Bank will provide a full update of its outlook for the Canadian and global economies on April 15. As the situation evolves, Governing Council stands ready to adjust monetary policy further if required to support economic growth and keep inflation on target.

The Bank has also taken steps to ensure that the Canadian financial system has sufficient liquidity. These additional measures have been announced in separate notices on the Bank’s website. The Bank is closely monitoring economic and financial conditions, in coordination with other G7 central banks and fiscal authorities.

Information note
The next scheduled date for announcing the overnight rate target is April 15, 2020. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR at the same time."

Source: Bank of Canada

For clarification on any of the above topics or to discuss them more in detail, please reach out to us at info@varinggroup.com or by phone at 604.565.3478


Share your thoughts.

 

CONTACT US
+1-604-565-DIRT (3478)
info@varinggroup.com

SEND A MESSAGE

JOE VARING  PERSONAL REAL ESTATE CORPORATION LTD.

HOMELIFE GLENAYRE REALTY COMPANY LTD.

#360 3033 Immel Street, Abbotsford, BC Canada V2S 6S2
We-Sell-Dirt_Varing-Marketing-Group

THINKING OF SELLING?
Send us your property's address and we'll share our thoughts.

Please enter your name.
Please enter a message.

2020 VARING MAGAZINE
AVAILABLE NOW