The Bank of Canada says it has gone as low as it can go with its prime lending rate target.
The central bank held the overnight lending rate to 0.25%.
The bank also estimates the downturn in the Canadian economy will be the worst ever with Stats Can saying economic activity dropped 9-percent in March.
The Bank says the speed of recovery depends on containment efforts to control the spread of COVID-19. If it is a fast rebound then the economic impact will be deep but relatively short-lived. The worst case would see businesses close for good and longer waits on the unemployment line for people as they look to find work.