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Bank of Canada cut a key rate due to virus fears


March, 05 2020
watermark Economic news

The Bank of Canada cut its key rate from 1.75% to 1.25% amid a rapidly spreading outbreak of coronavirus and said it was ready to soften monetary policy if necessary.


The Central bank said the epidemic was a significant negative shock to the prospects of the Canadian and global economies, and predicted further deterioration in business and consumer confidence.


«Amid the development of the situation, the governing council is ready, if necessary, to adjust monetary policy again to support economic growth and keep inflation at the target level,» representatives of the Canadian regulator said.


The regulator lowered rates for the first time in almost five years. The Central Bank last time reduced the rate by 50 basis points in March 2009 during the global financial crisis.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.