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Bank of Canada says monetary stimulus, aggressive fiscal action will help with recovery

OTTAWA, April 16 (Reuters) - Aggressive fiscal action by governments and central bank monetary stimulus will create the best possible foundation for economic recovery once the coronavirus outbreak is contained, Bank of Canada Governor Stephen Poloz said on Thursday.

In testimony to the House finance committee, Poloz repeated Canada’s central bank stands ready to augment the scale of any of its programs should market conditions warrant it.

The Bank of Canada held its key overnight benchmark steady at 0.25% on Wednesday and expanded its quantitative easing program in response to the coronavirus outbreak and low oil prices. (Reporting by Kelsey Johnson and David Ljunggren; Editing by Sandra Maler)