Bank of Canada's Stephen Poloz addressed the country's economic outlook amid the coronavirus pandemic on Wednesday after the central bank announced the interest rate will remain at 0.25 per cent.
The decision came after the central bank slashed its key interest rate three times since the beginning of March, including two unscheduled cuts, to help counter the economic impact of the novel coronavirus pandemic.
The central bank said the downturn tied to COVID-19 will be the worst on record. Preliminary data from Statistics Canada today showed economic activity collapsed in March as it dropped a record nine per cent.
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