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Canada Interest Rate

Last Release
Jun 05, 2024
Actual
4.75
Units In
%
Previous
5
Frequency
Daily
Next Release
Jul 24, 2024
Time to Release
1 Months 17 Days 1 Hours
Highest
Lowest
Average
Date Range
Source
16
Feb 1991
0.25
Apr 2009
5.78 %1990-2024Bank of Canada
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 cut its key interest rate by 25bps to 4.75% in its June 2024 meeting, as expected, and signaled that more rate cuts are to be delivered should inflation continue to slow as expected. The central bank noted it has stronger confidence that disinflation is converging toward the target of 2%, warranting a less restrictive policy stance. Both of the Bank’s preferred measures of underlying inflation moved to below the 3% threshold in April, and are expected to continue decreasing throughout the year along with the headline CPI. In the meantime, Canada’s first quarter GDP growth was softer than the levels expected by the BoC, and labor data pointed to a tightening job market, further warranting a response of more accommodative credit conditions. Still, the Bank noted that upside risks to price growth remained, magnified by uncertain geopolitical tensions and a relatively more hawkish Fed, raising question marks on how quickly the interest rate can fall.

Canada Interest Rate History

Last 12 readings

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