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Canada Interest Rate

Last Release
Apr 10, 2024
Actual
5
Units In
%
Previous
5
Frequency
Daily
Next Release
Jun 05, 2024
Time to Release
1 Months 23 Days 7 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 held its key rate at 5% in April, as largely expected, and refrained from giving any hints on the start of rate cuts due to persistent upside risks to inflation. The central bank noted that price pressures have eased across a broad range of goods and services since the last meeting, but added that the uncertain macroeconomic backdrop and higher-than-expected commodity prices, including oil, prevent a smoother convergence of disinflation. BoC Governor Macklem added that although the latest data pointed to some progress in modering underlying inflation, the data is still not sufficient to confidently warrant looser monetary policy. Consequently, the BoC expects inflation to remain near the 3% level in the first half of this year before only reaching its target of 2% in 2025. In the meantime, recent data pointing to resilient global economic growth drove policymakers to consider stronger domestic output, with GDP set to expand by 1.5% this year and 2.2% in 2025.

Canada Interest Rate History

Last 12 readings

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