The Bank of Canada cut loan fees significantly a rate point in a crisis move to cushion the country's economy from the twofold hit from the coronavirus and failing oil costs
The Ottawa-based national bank brought down it's strategy rate to 0.75% and said it "stands prepared" to move again if necessary. Representative Stephen Poloz, in a joint question and answer session with Finance Minister Bill Morneau, reported another office to help subsidizing markets for little and medium-size organizations "when they may have expanded subsidizing needs and credit conditions are fixing."
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