Coronavirus pandemic: Bank Of Canada slices key interest rate to 0.25 percent

In a bid to revive the coronavirus-affected economy, the Bank of Canada on Friday announced its plans to reduce its interest rate to 0.25 percent.

Bank of Canada in its statement said, “This unscheduled decision to bring the policy rate to its effective lower bound and is intended to provide support to the Canadian financial system and the economy during the coronavirus pandemic (COVID-19)”