The Bank of Canada began cutting interest rates in December 2007 and proceeded with a series of aggressive reductions until our key policy rate reached one-quarter of one per cent in April of last year, the lowest it can effectively go.
You may be interested to note that, earlier this year, the Bank of Botswana hosted a two-day workshop for SADC Central Banks on Trends in Central Bank Governance, with technical input and assistance from the Central Bank of Sweden, Bank for International Settlements and the Fund.