TORONTO/OTTAWA - Canada said on Friday it will cover 75 per cent of wages for small businesses and the central bank cut its key interest rate for the third time this month to the lowest level in a decade, as officials sought to limit layoffs and bolster an economy hard hit by the coronavirus pandemic.
Trudeau, who has been in self-isolation since his wife tested positive for the coronavirus last week, said he will continue to work from home to model good practice. "A firefighter has never been criticised for using too much water," Bank of Canada Governor Stephen Poloz told reporters shortly after the rate cut was announced.
While Poloz said the bank stands ready to"take further action as required", he said the central does not at this stage believe it would be sensible to think of interest rates going lower than this. "Markets were fully expecting the Bank of Canada to cut its key rate by 50 basis points to the prior low of 0.25 per cent at some point, but the Friday morning timing is yet another surprise,"said Douglas Porter, chief economist for the Bank of Montreal.
Can I please just move to Canada 😩
PresidencyZA please talk to banks for South Africans