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 July 2016 meeting as widely expected. The central bank lowered its 2016 growth outlook to 1.3 percent from an earlier 1.7 percent, mentioning weak business investment, lower exports and global uncertainties. The bank rate is correspondingly 0.75 percent and the deposit rate is 0.25 percent. 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 August of 2016.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-04-13 02:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.50% 0.5%
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%
2016-10-19 02:00 PM BoC Interest Rate Decision 0.5%
2016-12-07 03:00 PM BoC Interest Rate Decision 0.25%

Canada Keeps Key Rate on Hold at 0.5%

The Bank of Canada left its benchmark overnight rate unchanged at 0.5 percent at its July 2016 meeting as widely expected. The central bank lowered its 2016 growth outlook to 1.3 percent from an earlier 1.7 percent, mentioning weak business investment, lower exports and global uncertainties. The bank rate is correspondingly 0.75 percent and the deposit rate is 0.25 percent.

Statement by the Bank of Canada:

Inflation in Canada is on track to return to 2 per cent in 2017 as the complex adjustment underway in Canada’s economy proceeds. The fundamentals remain in place for a pickup in growth over the projection horizon, albeit in a climate of heightened uncertainty.

In this context, the forecast for the global economy has been marked down slightly from the Bank’s April Monetary Policy Report (MPR). Global GDP growth is projected to be 2.9 per cent in 2016, 3.3 per cent in 2017, and 3.5 per cent in 2018. In particular, after a weak start to 2016 the US economy is showing signs of a rebound, with a healthy labour market and solid consumption growth. In the wake of Brexit, global markets have materially re-priced a number of asset classes. Financial conditions, already accommodative, have become even more so.

In Canada, the quarterly pattern of growth has been uneven. Real GDP grew by 2.4 per cent in the first quarter but is estimated to have contracted by 1 per cent in the second quarter, pulled down by volatile trade flows, uneven consumer spending, and the Alberta wildfires. A pick-up to 3 1/2 per cent is expected in the third quarter as oil production resumes and rebuilding begins in Fort McMurray. Consumer spending will also get a boost from the Canada Child Benefit.

While the fundamental elements of the Bank’s projection are similar to those presented in April, the forecast has been revised down in light of a weaker outlook for business investment and a lower profile for exports, reflecting a downward adjustment to US investment spending. Real GDP is expected to grow by 1.3 per cent in 2016, 2.2 per cent in 2017, and 2.1 per cent in 2018. The Bank projects above-potential growth from the second half of 2016, lifted by rising US demand and supported by accommodative monetary and financial conditions. Federal infrastructure spending and other fiscal measures announced in the March budget will also contribute to growth.  Despite recent volatility, the Bank expects the underlying trend of export growth to continue, leading to a pick-up in business investment. Higher global oil prices are helping to stabilize Canada’s energy sector and household spending is expected to increase moderately.

The Bank forecasts that the output gap will close somewhat later than estimated in April, towards the end of 2017. Underlying this judgement is the downward revision to business investment, which lowers the profile for both real GDP and, to a lesser extent, potential output.  

While inflation has recently been a little higher than anticipated, largely due to higher consumer energy prices, it is still in the lower half of the Bank’s inflation-control range. Most measures of core inflation remain close to 2 per cent but would be lower without the impact of past exchange rate depreciation. The temporary effects of exchange-rate pass-through and past declines in consumer energy prices are expected to dissipate in late 2016, and the Bank projects that inflation will average close to 2 per cent throughout 2017 as the output gap narrows.

Overall, the risks to the profile for inflation are roughly balanced, although the implications of the Brexit vote are highly uncertain and difficult to forecast. At the same time, financial vulnerabilities are elevated and rising, particularly in the greater Vancouver and Toronto areas. 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 |
7/13/2016 3:36:38 PM

Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 16.00 0.25 percent [+]
Interbank Rate 0.90 0.90 8.95 0.43 percent [+]
Money Supply M0 81994.00 81407.00 81994.00 2214.00 CAD Million [+]
Money Supply M1 844633.00 842401.00 844633.00 30706.00 CAD Million [+]
Money Supply M2 1426802.00 1421888.00 1426802.00 25523.00 CAD Million [+]
Money Supply M3 2164999.00 2148838.00 2164999.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 105066.00 101844.00 105066.00 2226.00 CAD Million [+]
Banks Balance Sheet 5025596.00 4908522.00 5050451.00 10516.00 CAD Million [+]
Foreign Exchange Reserves 82904.00 83521.00 84298.00 1678.00 USD Million [+]
Loans to Private Sector 329847.00 324582.00 337211.00 10928.00 CAD Million [+]
Deposit Interest Rate 0.10 0.55 15.96 0.05 percent [+]
Foreign Stock Investment 9017.00 13994.00 26480.00 -24129.00 CAD Million [+]
Private Debt to GDP 254.13 241.87 254.13 177.36 percent [+]

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