In response to the COVID-19 pandemic, the Bank of Canada is cutting its overnight rate target.
It comes a week after it trimmed its key interest rate by half a percentage point.
This latest cut of half a percentage point brings the central bank rate to 0.75 per cent, in what it says is a proactive measure taken in light of the negative shocks to the economy due to the pandemic.
The Bank of Canada says lower oil prices, even since its last scheduled rate decision last week, will also weigh on the economy.