Bank of canada news

Here are some recent news and updates from the Bank of Canada:

Recent Rate Decisions:

• On March 4, 2020, the Bank of Canada cut its overnight lending rate by 50 basis points to 1.25% in response to the COVID-19 pandemic.
• On April 15, 2020, the Bank of Canada cut its overnight lending rate by another 50 basis points to 0.75% to further support the economy.
• On July 15, 2020, the Bank of Canada kept its overnight lending rate unchanged at 0.75%.
• On September 9, 2020, the Bank of Canada kept its overnight lending rate unchanged at 0.75%.
• On October 28, 2020, the Bank of Canada kept its overnight lending rate unchanged at 0.75%.
• On December 9, 2020, the Bank of Canada kept its overnight lending rate unchanged at 0.75%.

Economic Outlook:

• The Bank of Canada has revised its economic growth forecast downward due to the impact of the COVID-19 pandemic. The bank now expects the Canadian economy to contract by 5.5% in 2020, followed by a 3.5% expansion in 2021.
• The bank has also revised its inflation forecast downward, expecting inflation to remain below its 2% target for the next two years.

Monetary Policy:

• The Bank of Canada has implemented several monetary policy measures to support the economy, including:
  • Expanding its balance sheet by purchasing government bonds and other securities.
  • Introducing a term repo facility to provide liquidity to financial markets.
  • Lowering its overnight lending rate to stimulate borrowing and spending.

Other News:

• On March 18, 2020, the Bank of Canada announced that it would be providing $10 billion in additional liquidity to the financial system to help mitigate the impact of the COVID-19 pandemic.
• On April 22, 2020, the Bank of Canada announced that it would be extending its term repo facility to support the economy until the end of 2021.
• On June 17, 2020, the Bank of Canada announced that it would be conducting a review of its monetary policy framework to ensure that it is well-equipped to respond to future economic challenges.

I hope this information is helpful!