Canada ramps up battle against virus, slashes rates and promises stimulus

Canada ramped up measures to combat the coronavirus outbreak, including a surprise half-point interest rate cut

OTTAWA - Canadian authorities on Friday ramped up measures to combat the coronavirus outbreak and announced emergency measures, including a surprise half-point interest rate cut, to take the edge off the economic impact.

The Bank of Canada slashed its overnight rate for the second time in nine days and at the same time the government said it would offer C$10 billion in credit support to businesses. Bank of Canada Governor Stephen Poloz and Finance Minister Bill Morneau held an unprecedented joint news conference to announce the moves.

“The government of Canada will be introducing a significant fiscal stimulus package in the days ahead.” Canada's Prime Minister Justin Trudeau attends a news conference at Rideau Cottage in Ottawa, Ontario, Canada March 13, 2020. REUTERS/Blair Gable British Columbia and Ontario banned all public gatherings of more than 250 people. Quebec canceled school for two weeks starting Monday and Manitoba for three weeks starting March 23.

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