TORONTO/OTTAWA (Reuters) - The Bank of Canada slashed its key overnight interest by 50 basis points for the third time this month on Friday in an effort to support the financial system and the country's economy amid the coronavirus pandemic.
The central bank unexpectedly cut its overnight interest rate to 0.25% from 0.75%, the lowest in more than a decade, after taking the same step on March 13 and March 4 and said it stood ready to take further action as required in order to support the economy and keep inflation on target.
"The spread of COVID-19 is having serious consequences for Canadians and for the economy, as is the abrupt decline in world oil prices," the Bank said in a statement.