Canadian central bank cut interest for the third time in March and launch an asset purchase program


The Bank of Canada decided on Friday to reduce the interest rate for the third time in the month by 50 basis points to 0.25%, with the aim of supporting the economy in the face of the Corona virus.

The monetary policy statement said that it aimed to alleviate the economic shocks of the “Corona” virus, as well as the decline in oil prices, by reducing the cost of borrowing, adding that providing credit to companies will help lay the possibility for the economy to return to normal.

The Canadian Central Bank announced the launch of two new programs to support financial markets, the first aimed at buying bonds to relieve pressure in the short-term financing markets, and the second aimed to address the pressures in the government debt market through purchases of a minimum of five billion dollars per week.

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