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 September 2016 meeting as widely expected.The bank rate is correspondingly 0.75 percent and the deposit rate is 0.25 percent. Policymakers anticipate the economy to recover substantially in the second half of the year and said inflation is in line with the Bank's expectations. Interest Rate in Canada averaged 5.95 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 September of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-05-25 02:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
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%
2016-09-26 11:10 PM BoC Gov Poloz Speech
2016-10-07 02:30 PM BoC Business Outlook Survey
2016-10-19 02:00 PM BoC Interest Rate Decision 0.5% 0.5%

Canada Leaves Key Rate on Hold at 0.5%


The Bank of Canada left its benchmark overnight rate unchanged at 0.5 percent at its September 2016 meeting as widely expected.The bank rate is correspondingly 0.75 percent and the deposit rate is 0.25 percent. Policymakers anticipate the economy to recover substantially in the second half of the year and said inflation is in line with the Bank's expectations.

Statement by the Bank of Canada:

Global growth in the first half of 2016 was slower than the Bank had projected in its July Monetary Policy Report (MPR), although the Bank continues to expect it to strengthen gradually in the second half of this year. The US economy was weaker than expected in the second quarter, notably reflecting a contraction in business and residential investment. While a healthy labour market and solid consumption should remain supportive of growth in the rest of the year, the outlook for business investment has become less certain. Meanwhile, global financial conditions have become even more accommodative since July. 

While Canada’s economy shrank in the second quarter, the Bank still projects a substantial rebound in the second half of this year. Second-quarter GDP was pulled down by the Alberta wildfires in May and by a drop in exports that was larger and more broad-based than expected. Exports disappointed even after accounting for weaker business and residential investment in the United States, adjustments in the resource sector, and cutbacks in auto production. The economy is expected to rebound in the third quarter as oil production recovers, rebuilding commences in Alberta, and consumer spending gets an additional lift from Canada Child Benefit payments. As federal infrastructure spending starts to have more impact, growth in the fourth quarter is projected to remain above potential. While the strength in exports during July was encouraging, the ground lost over previous months raises the possibility that the profile for economic activity will be somewhat lower than anticipated in July.  

Inflation is roughly in line with the Bank’s expectations.  Total CPI inflation is below the 2 per cent target, mainly because of the temporary effects of lower consumer energy prices. Measures of core inflation remain around 2 per cent, reflecting offsetting effects of excess capacity and past exchange rate depreciation.

On balance, risks to the profile for inflation have tilted somewhat to the downside since July. At the same time, while there are preliminary signs of a possible moderation in the Vancouver housing market, financial vulnerabilities associated with household imbalances remain elevated and continue to rise. The Bank’s Governing Council judges that the overall balance of risks remains within 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 | joana.taborda@tradingeconomics.com
9/7/2016 3:20:59 PM

Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 16.00 0.25 percent [+]
Interbank Rate 0.89 0.90 8.95 0.43 percent [+]
Money Supply M0 82442.00 81994.00 82442.00 2214.00 CAD Million [+]
Money Supply M1 858868.00 844633.00 858868.00 30706.00 CAD Million [+]
Money Supply M2 1443748.00 1426802.00 1443748.00 25523.00 CAD Million [+]
Money Supply M3 2182657.00 2164999.00 2182657.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 103229.00 105066.00 105066.00 2226.00 CAD Million [+]
Banks Balance Sheet 5071855.00 5094461.00 5094461.00 10516.00 CAD Million [+]
Foreign Exchange Reserves 83756.00 82904.00 84298.00 1678.00 USD Million [+]
Loans to Private Sector 337758.00 329847.00 337758.00 10928.00 CAD Million [+]
Deposit Interest Rate 0.10 0.55 15.96 0.05 percent [+]
Foreign Stock Investment 5226.00 9017.00 26480.00 -24129.00 CAD Million [+]
Private Debt to GDP 254.13 241.87 254.13 177.36 percent [+]




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