Canada Interest Rate  1990-2016 | Data | Chart | Calendar | Forecast

The Bank of Canada left its benchmark overnight rate unchanged at 0.5 percent at its October 2016 meeting as widely expected. Policymakers said the growth outlook is lower than projected due to slower housing resale activity and exports and that inflation remains below expectations. The Bank Rate was also left on hold at 0.75 percent and the deposit rate at 0.25 percent. Interest Rate in Canada averaged 5.94 percent from 1990 until 2016, reaching an all time high of 16 percent in February of 1991 and a record low of 0.25 percent in April of 2009. Interest Rate in Canada is reported by the Bank of Canada.

Canada Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 16.00 0.25 1990 - 2016 percent Daily
In Canada, benchmark interest rate is set by the Bank of Canada's (BoC) Governing Council. The official interest rate is the Bank 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. This page provides - Canada Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Interest Rate - actual data, historical chart and calendar of releases - was last updated on October of 2016.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-07-13 02:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-09-07 02:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-10-19 02:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-12-07 03:00 PM BoC Interest Rate Decision 0.5% 0.25%

Canada Keeps Monetary Policy Steady in October

The Bank of Canada left its benchmark overnight rate unchanged at 0.5 percent at its October 2016 meeting as widely expected. Policymakers said the growth outlook is lower than projected due to slower housing resale activity and exports and that inflation remains below expectations. The Bank Rate was also left on hold at 0.75 percent and the deposit rate at 0.25 percent.

Statement by the Bank of Canada:

The global economy is expected to regain momentum in the second half of this year and through 2017 and 2018. After a weak first half, the US economy in particular is strengthening: solid consumption is being underpinned by strong employment growth and robust consumer confidence. However, because of elevated uncertainty, US business investment is on a lower track than expected.

Looking through the choppiness of recent data, the profile for growth in Canada is now lower than projected in July’s Monetary Policy Report (MPR). This is due in large part to slower near-term housing resale activity and a lower trajectory for exports. The federal government’s new measures to promote stability in Canada’s housing market are likely to restrain residential investment while dampening household vulnerabilities. Recent export data are improving but are not strong enough to make up for ground lost during the first half of 2016, despite the effects of the Canadian dollar’s past depreciation. Growth in exports over 2017 and 2018 are projected to be slower than previously forecast, due to lower estimates of global demand, a composition of US growth that appears less favourable to Canadian exports, and ongoing competitiveness challenges for Canadian firms.

After incorporating these weaker elements, Canada’s economy is still expected to grow at a rate above potential starting in the second half of 2016, supported by accommodative monetary and financial conditions and federal fiscal measures. As the economy continues to adjust to the oil price shock, investment in the energy sector appears to be bottoming out. Non-resource activity is growing solidly, particularly in the services sector. Household spending continues to rise, along with employment and incomes outside of energy-intensive regions. The Bank expects Canada’s real GDP to grow by 1.1 per cent in 2016 and about 2 per cent in both 2017 and 2018. This projection implies that the economy returns to full capacity around mid-2018, materially later than the Bank had anticipated in July.

Measures of core inflation remain close to 2 per cent as the effects of past exchange rate depreciation and excess capacity continue to offset each other. Total CPI inflation is tracking slightly below expectations because of temporary weakness in prices for gasoline, food, and telecommunications. The Bank expects total CPI inflation to be close to 2 per cent from early 2017 onwards, when these temporary factors will have dissipated, but downward pressure on inflation will continue while economic slack persists.

Given the downward revision to the growth profile and the later closing of the output gap, the Bank considers the risks around its updated inflation outlook to be roughly balanced, albeit in a context of heightened uncertainty. Meanwhile, the new housing measures should mitigate risks to the financial system over time. At present, the Bank’s Governing Council judges that the overall balance of risks is still in the zone for which the current stance of monetary policy is appropriate, and the target for the overnight rate remains at 1/2 per cent.

Bank of Canada | Joana Taborda |
10/19/2016 2:15:39 PM

Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 16.00 0.25 percent [+]
Interbank Rate 0.91 0.91 8.95 0.43 percent [+]
Money Supply M0 82262.00 82442.00 82442.00 2214.00 CAD Million [+]
Money Supply M1 861909.00 858868.00 861909.00 30706.00 CAD Million [+]
Money Supply M2 1449437.00 1443748.00 1449437.00 25523.00 CAD Million [+]
Money Supply M3 2185959.00 2182657.00 2185959.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 103358.00 103229.00 105066.00 2226.00 CAD Million [+]
Banks Balance Sheet 5071855.00 5094461.00 5094461.00 10516.00 CAD Million [+]
Foreign Exchange Reserves 84195.00 83756.00 84298.00 1678.00 USD Million [+]
Loans to Private Sector 336944.00 337758.00 337758.00 10928.00 CAD Million [+]
Deposit Interest Rate 0.10 0.55 15.96 0.05 percent [+]
Foreign Stock Investment 12743.00 9097.00 26480.00 -24129.00 CAD Million [+]
Private Debt to GDP 254.13 241.87 254.13 177.36 percent [+]

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