Canwest News Services 2009 “Central Bank Lowers Rate” The StarPhoenix 4 March
“The Bank of Canada made a bet Tuesday that, if interest rates were virtually zero, businesses might be more inclined to borrow to build new factories, buy new equipment and put unemployed Canadians back to work.
The central bank lowered its key overnight rate Tuesday to 0.5 per cent -- a record low -- and many observers say the bank could even take the rate as low as it could go, to zero, in an all-out effort to make it cheaper and easier for commercial banks to lend money and spur economic growth.
Several commercial banks did lower some of their interest rates within hours of the central bank's announcement.”
You can read the entire article here: http://www.thestarphoenix.com/business/fp/Central+bank+lowers+rate/1350718/story.html