Canada Interest Rates

Last ReleaseJan 28, 2026

Previous2.25

FrequencyDaily

Next ReleaseMar 18, 2026

Time to Release1

Units In%

In Canada, benchmark interest rate is set by the Bank of Canada's (BoC) Governing Council. The official interest rate is the Overnight Rate. Since 1996 the Bank Rate is set at the upper limit of an operating band for the money market overnight rate. Previously, from March 1980 until February 1996 the Bank Rate was set at 25 basis points above the weekly average tender rate for 3-month Treasury bills.

Latest Updates

The Bank of Canada held its overnight target rate unchanged at 2.25% in its January 2026 meeting, aligned with market expectations and its earlier guidance, and noted that the current policy remains appropriate given the Bank's baseline economic outlook. Still, recent tariff threats from US President Trump reignited concerns of trade disruptions and drove the Governing Council to warn of uncertainty, potentially warranting a an adjustment in monetary policy in either direction. The central bank loosely maintained their economic projections from October's Monetary Policy Report, with the Canadian GDP expected to rise over 1% this year and 1.5% next year. Additionally, CPI inflation is expected to remain close to the 2% target as trade-related cost pressures are offset by excess supply in the aggregate.

Historical Data

Highest	Lowest	Average	Date Range	Source
16	0.25	5.76 %	1990-2026	Bank of Canada