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Bank of Canada Lowers Overnight Rate – VOCM

Bank of Canada Lowers Overnight Rate – VOCM


The Bank of Canada has lowered its overnight rate by 50 basis points to 3/4 percent effective Monday, March 16th.

The Bank Rate is correspondingly one per cent and the deposit rate is 1/2 per cent.

The decision is a proactive measure taken in light of the negative shocks to Canada’s economy.

A full update on its outlook for the Canadian and global economies will be provided April 15th.

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Harry Miller is a writer and editor based in Toronto with 14 years of experience in the journalism industry. Before joining Canada News Media as a National Online Journalist, Miller worked as a senior writer and a reporter-editor with the Canadian Press and as a breaking news reporter with the Toronto Star. At Canada News Media he covers national news and the trending stories Canadians are searching for. Miller holds two bachelor's degrees, one in journalism from Ryerson University and another in communications and film studies from Carleton University.

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