01/21/2015 04:00 EST | Updated 03/23/2015 05:59 EDT

Oil's Collapse The Subject Of The Day As Bank Of Canada Releases Interest Rate Decision

Stephen Poloz, governor of the Bank of Canada, delivers his first speech as governor at the Oakville Chamber of Commerce luncheon in Burlington, Ontario, Canada, on Wednesday, June 19, 2013. Poloz said the nation will need a rebound in business confidence to drive growth in coming years, a process that will require 'stability and patience.' Photographer: Galit Rodan/Bloomberg via Getty Images

OTTAWA - The Bank of Canada will release its latest monetary policy report this morning — a document expected to explore the economic damage inflicted by falling oil prices.

Central bank governor Stephen Poloz will also make an announcement on the country's trend-setting interest rate — which is widely expected to remain at one per cent.

It has been at that level since September 2010.

The bank's analysis of the oil slump comes as some Canadian industries reel from the sharp plunge in oil prices, which are down more than 55 per cent since the highs of last June.

The decline in oil prices is also expected to shave billions of dollars from the bottom lines of federal and provincial governments.

Last week, the federal government took the rare step of delaying the budget until at least April so it could assess the effect of tumbling crude.

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