A shocker from the Bank of Canada.
After 4 years, the government bank has cut its lending rate from 1 per cent to 3 quarters of a per cent due mainly to the collapse of oil prices.
It forced a drop in the value of the Canadian dollar to just under 82 cents American.
Blake Cameron, Thunder Bay branch manager for Scotia-McLeod, says he was taken aback by the move.
He thought the bank would take more time to monitor the situation and watch what the lower energy prices are doing to the economy.
Cameron believes the bank is acting early to get ahead of any future changes to the economy.
