The Bank of Canada has made an unexpected rate cut, cutting the central bank's benchmark interest rate by 50 basis points to 0.75 per cent. The central bank already cut its rate to 1.25 per cent at a previously scheduled meeting on March 4 to help counteract the impact of the coronavirus. "Pretty sure I've never seen that: a rate cut on a Friday afternoon," said Doug Porter, chief economist with the Bank of Montreal. Watch: Ottawa announces 'significant fiscal package' as COVID-19 spreadsFinance Minister Morneau announces $10 billion in credit being made available for businesses through Business Development Bank of Canada and Export Development Bank, while the Bank of Canada Gov. The Royal Bank of Canada said Friday it expects Canada to go into a recession later this year.

Source: CBC News March 13, 2020 18:20 UTC