Banks followed the Bank of Canada, which cut its overnight rate again on Friday
The announcement came alongside measures announced by the federal government
The response came after sharp drops Thursday on North American stock markets
Downside risks to the economy outweighed the risk of increasing household debt
The BoC cut came in response to the coronavirus
The central bank called Covid-19 "a material negative shock'' to the country's economic outlook
Markets are expecting the Bank of Canada to act starting with a rate decision on Wednesday
There are still many steps to go through before the central bank can issue a digital offering
Undead firms undermine growth but aren't a systemic risk
The CIO from Payments Canada will head a BIS innovation hub in Singapore