Canadian FinMin Morneau: Preparing a significant stimulus program to be released next week

In a coordinated move on Friday, Bank of Canada (BOC) Governor Poloz and Canadian Finance Minister Morneau announced a monetary and a partial stimulus package to tackle the coronavirus crisis.

FinMin Morneau is out with the additional details, noted below.

Preparing a significant stimulus program to be released next week.

Lowering domestic liquidity buffer to 1.25% from 2.50% and says won't rise for at least 18 months.

• BOC delivers a surprise rate cut by 50bps, USD/CAD bounces