March 18, 2020 / 2:04 PM / 4 months ago

Bank of Canada says no rate cut to be announced Wednesday

FILE PHOTO: Bank of Canada Governor Stephen Poloz attends a news conference in Ottawa, Ontario, Canada March 13, 2020. REUTERS/Blair Gable/File Photo

OTTAWA (Reuters) - Bank of Canada Governor Stephen Poloz will not unveil another interest rate cut when he addresses the media on Wednesday, the central bank said in a statement.

The bank has twice slashed rates by 50 basis points this month - one of them unscheduled - in a bid to help tackle the effects of a coronavirus outbreak.

Poloz was due to address a news conference with Finance Minister Bill Morneau at 11:15 a.m. (1515 GMT).

“The Governor intends to speak to the measures the Bank has taken to ensure the financial system has sufficient liquidity so that credit continues to be available to businesses and households. He will not be announcing any new measures or actions,” the statement said.

The central bank said on Tuesday the outbreak would “clearly have a major negative impact on the economy” and reiterated it was ready to adjust further and deploy other market tools, if required.

Reporting by David Ljunggren; Editing by Chizu Nomiyama and David Gregorio

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