This is stated in a common message from the regulator.
“This unplanned decision on the rate is a preventive measure in light of the negative consequences for the Canadian economy caused by the COVID-19 pandemic and the recent drop in oil prices,” the statement said.
About a week ago, the Central Bank of Canada has already lowered the rate to 1.25% per annum.
On March 3, the US Federal Reserve lowered its key rate to 1-1.25% per annum from 1.5-1.75%.
The Russian Ministry of Finance commented on the US Federal Reserve rate cut.
More on the topic - in the material RT.