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Bank of Canada cuts key interest rate to 0.25%

Source: Global News staff, The Canadian Press, globalnews.ca, March 27, 2020

Declining oil prices and the COVID-19 pandemic is having serious consequences for Canadians and the economy.

OTTAWA — The Bank of Canada is cutting its key interest target by half a percentage point to 0.25 per cent in an unscheduled cut that brings the overnight target rate to its effective lower bound.

In a statement on its website, the central bank says its decision to lower rates is aimed at cushioning the economic shocks from COVID-19 and a sharp drop in oil prices by easing the cost of borrowing.

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