The Bank of Canada cut financing costs in an unexpected move Friday in what it called a "defensive measure" against the novel coronavirus.
The BoC cut rates by 50 premise focuses to 0.75%. It was the national bank's inferior cut for this present month.
It likewise said it stands prepared to "change money related strategy further" if necessary to support the economy, it said.
"This unscheduled rate choice is a proactive measure taken considering the negative stuns to Canada's economy emerging from the COVID-19 pandemic and the ongoing sharp drop in oil costs," the BoC said in its announcement.
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