Bank of Canada Maintaines overnight rate of 0.25%

In Stories by Vancouver Mortgage Broker

the Bank of Canada has
maintained its target for the overnight rate of 0.25%. With its prime rate of 2.45%

The Bank of Canada has
taken measures to improve market function. This helps ensure that households and businesses continue to have access to the credit they need during this difficult time.

Tiff Macklem has been
appointed as Governor of the Bank of Canada for a seven- year term, effective June 3,2020. Macklem replaces Steve Poloz who called leaving his dream job of governor “bittersweet” after his 7 year term.

Macklem first joined the
bank in 1984 and occupied increasingly senior positions. Macklem brings deep knowledge of monetary policy and financial stability issues, and has a proven crisis management track record.

Read
the Bank of Canada’s full release here: https://www.bankofcanada.ca/2020/04/fad-press-release-2020-04-15