The Bank of Canada has announced an unscheduled interest rate cut.
The central bank has announced its cutting its key interest target by half a percentage point to 0.25 per cent.
According to a statement on its website, the central bank says its decision to lower rates is aimed at cushioning the economic shocks from COVID-19 and a sharp drop in oil prices by easing the cost of borrowing.
The statement adds that providing credit in the economy for businesses that need it should help lay the foundation for the economy's return to normalcy.
The interest rate cut takes the key rate to what the central bank referred to as the lowest level that rates can be set.
With files from the Canadian Press