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Following the Bank of Canada’s decision to leave its policy rate unchanged at 0.25% as expected, Governor Tiff Macklem and Senior Deputy Governor Carolyn A. Wilkins are delivering their remarks on the policy outlook in a press conference.

Key quotes

“It will take quite some time for the economy to fully recover from the COVID-19 pandemic.”

“Bank of Canada will keep providing monetary stimulus to support the economy through the recovery.”

“Canadian dollar has been a bit stronger than we assumed in July, despite continued low oil prices.”

“Some parts of the economy will simply be unable to completely reopen until a vaccine is widely available.”

About Tiff Macklem via bankofcanada.ca

“Tiff Macklem was appointed Governor of the Bank of Canada, effective June 3, 2020, for a term of seven years. During the Global Financial Crisis, Mr. Macklem was Associate Deputy Minister at the Department of Finance, and served as Canada’s representative at the G7, G20 and Financial Stability Board. In July 2010, Mr. Macklem returned to the Bank and was appointed Senior Deputy Governor.”