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The Bank of Canada (BoC) kept its policy interest rate at 0.25% and unveiled significant new measures to support the financial system, economists at National Bank of Canada apprise.

Key quotes

“There was no surprise on the policy interest rate front, which was universally seen by economists as remaining at 0.25%.” 

“The real focus was on asset purchases and the Bank did not disappoint. The BoC has dramatically expanded its reach when it comes to asset purchases.”

“The unprecedented policy response should bolster investor confidence and help put in place conditions for a partial economic recovery. And there could be more yet to come, with today’s statement assuring that ‘the Governing Council stands ready adjust the scale or duration of its programs if necessary’.”