BoC pledges fiscal stimulus as Toronto witnesses worst intra-day plunge in 80 years


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BoC pledges fiscal stimulus as Toronto witnesses worst intra-day plunge in 80 years

On Thursday, the 12th of March 2020, the BoC (Bank of Canada) had committed to fiscal stimulus to grapple with a fast-spreading coronavirus pandemic, while a day earlier the Canadian Government of PM Justine Trudeau had pledged C$1 billion aimed at battling the spread of the outbreak adding that the Government had been prepared to lay off further fiscal aid to contain the worsening pandemic outbreak.

Besides, as in line with Wall St., the Toronto Stock Exchange had also entered in to a bearish territory, losing more than 20.47 per cent from its most recent peak reached on February 20th and wrapping up Thursday’s (March 12th) market down by 12.34 per cent to 12,508.45, remarking the index’s steepest intra-day plunge in more than 80 years, the BoC (Central Bank of Canada) said in a statement on Thursday (March 12th) that it would inject fiscal stimulus in to the market alongside adopt other precautionary measures to limit the financial fallouts of the coronavirus pandemic.

Besides, following his Wednesday’s (March 11th) announcement of an aid package of C$1 billion, Trudeau said to the reporters, “We are already prepared to do more if need be. We’ll be there to support businesses.

We will be there to support Canadians through this difficult time”.