The Bank of Canada slashed its benchmark interest rate by 50bps to 0.25%

The Committee also launched a Commercial Paper Purchase Program to help to restore a key source of short-term funding for businesses and said that will begin acquiring government securities in the secondary market until the economy recovers.

Policymakers added that they are closely monitoring economic and financial conditions, in coordination with other G7 central banks and fiscal authorities and will take further action if necessary.