The Bank of Canada says the economic recovery from COVID-19 will need help from policymakers, which is why the central bank is committing to keeping its benchmark interest rate at 0.25 per cent for as long as necessary. Like most other countries, Canada's economy fell into a deep freeze in March when COVID-19 prompted widespread lockdowns. "The bank continues to expect this strong reopening phase to be followed by a protracted and uneven recuperation phase, which will be heavily reliant on policy support," the bank said. "Monetary policy is working to support household spending and business investment by making borrowing more affordable." "As such, the Bank of Canada again reiterated its commitment to provide accommodative monetary policy for some time."

Source: CBC News September 09, 2020 14:21 UTC