01/21/2015 10:15 EST | Updated 03/23/2015 05:59 EDT

Bank of Canada shocks markets with cut in key interest rate

The Bank of Canada surprised markets today by cutting its key overnight lending rate by a quarter of a percentage point. 

The rate had been at one per cent since September 2010. 

The central bank also scaled back its forecast for the country's economic growth this year, citing the steep plunge in oil prices.

It now sees 2015 growth of 2.1 per cent, down from 2.4 per cent.

More to come