The Bank of Canada (BoC) Governor Stephen Poloz defended the central bank's interest rate cut in London on Thursday. He said that interest rate cut was needed to deal with falling oil prices. Oil is Canada's top export.
Poloz noted that falling oil prices weighed on the economic growth and the interest rate cut has given the central bank time to monitor the situation.
The BoC pointed out the central bank will continue to follow its monetary policy to achieve its 2% inflation target.