Canada Interest Rate 1990-2015 | Data | Chart | Calendar | Forecast

The Bank of Canada left its benchmark interest rate on hold at 0.5 percent on September 9th, 2015. Interest Rate in Canada averaged 5.98 percent from 1990 until 2015, 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 - 2015 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. Content for - Canada Interest Rate - was last refreshed on Saturday, October 10, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-08-25 05:40 PM
2015-09-09 03:00 PM 0.5% 0.5% 0.5% 0.5%
2015-09-21 07:45 PM
2015-10-10 07:45 PM
2015-10-12 06:20 PM
2015-10-21 03:00 PM 0.5% 0.5%

Canada Leaves Rates Unchanged

The central bank of Canada left its benchmark overnight rate on hold at 0.5 percent in September as widely expected, following a 25 bps cut in the previous meeting. The Bank Rate is correspondingly 0.75 percent and the deposit rate is 0.25 percent.

Statement by the Bank of Canada:

Inflation has evolved in line with the outlook in the Bank’s July Monetary Policy Report (MPR). Total CPI inflation remains near the bottom of the target range, reflecting year-over-year price declines for consumer energy products. Core inflation has been close to 2 per cent, with disinflationary pressures from economic slack being offset by transitory effects of the past depreciation of the Canadian dollar and some sector-specific factors. The dynamics of GDP growth in Canada outlined in July’s MPR also remain intact. The stimulative effects of previous monetary policy actions are working their way through the Canadian economy.

Canada’s resource sector continues to adjust to lower prices for oil and other commodities, with some spillover to the rest of the economy. These adjustments are complex and are expected to take considerable time. Economic activity continues to be underpinned by solid household spending and a firm recovery in the United States, with particular strength in the sectors of the U.S. economy that are important for Canadian exports.

Increasing uncertainty about growth prospects for China and other emerging-market economies, in contrast, is raising questions about the pace of the global recovery. This has contributed to heightened financial market volatility and lower commodity prices. Movements in the Canadian dollar are helping to absorb some of the impact of lower commodity prices and are facilitating the adjustments taking place in Canada’s economy. While the overall export picture is still uncertain, the latest data confirm that exchange rate-sensitive exports are regaining momentum.

Meanwhile, risks to financial stability are evolving as expected. Taking all of these developments into consideration, the Bank judges that the risks to the outlook for inflation remain within the zone for which the current stance of monetary policy is appropriate. Therefore, the target for the overnight rate remains at 1/2 per cent.

Bank of Canada | Joana Taborda |
9/9/2015 10:16:21 PM

Recent Releases

Canada Unexpectedly Lowers Key Rate to 0.5%
The Bank of Canada cut its overnight interest rate by 25 bps to 0.50 percent on July 15th, as policymakers voiced concern about the lower outlook for Canadian growth and the elevated risks to financial stability.
Published on 2015-07-16

Canada Leaves Monetary Policy Unchanged
The Bank of Canada left the overnight interest rate on hold at 0.75 percent in May as expected, saying risks to financial stability remain elevated while the economy should return to a solid growth in the second quarter.
Published on 2015-05-27

Canada Leaves Rates on Hold
The Bank of Canada left the overnight interest rate unchanged at 0.75 percent on April as widely expected, saying current policy stance is appropriate while projecting 0 growth for the first quarter.
Published on 2015-04-15

Canada Leaves Monetary Policy Unchanged
The Bank of Canada maintained the overnight rate at 0.75 percent on March 4th, as financial conditions eased and the risks to the inflation outlook are now more balanced.
Published on 2015-03-04

Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 16.00 0.25 percent [+]
Interbank Rate 0.50 0.50 21.57 0.24 percent [+]
Money Supply M0 77065.00 76537.00 77065.00 2214.00 CAD Million [+]
Money Supply M1 799338.00 790059.00 799338.00 30706.00 CAD Million [+]
Money Supply M2 1350750.00 1340904.00 1350750.00 25523.00 CAD Million [+]
Money Supply M3 2018241.00 1993457.00 2018241.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 96713.00 96928.00 96928.00 2226.00 CAD Million [+]
Foreign Exchange Reserves 77853.00 76981.00 77885.00 1678.00 USD Million [+]
Loans to Private Sector 256183.00 255418.00 256183.00 10151.00 CAD Million [+]
Foreign Stock Investment -10123.00 -5458.00 26125.00 -24132.00 CAD Million [+]
Banks Balance Sheet 4734866.00 4618891.00 4734866.00 10516.00 CAD Million [+]

Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Oct/15 2.00 17.50 2.00 percent [+]
Brazil 14.25 Sep/15 14.25 45.00 7.25 percent [+]
Canada 0.50 Sep/15 0.50 16.00 0.25 percent [+]
China 4.60 Sep/15 4.60 10.98 4.60 percent [+]
Euro Area 0.05 Sep/15 0.05 4.75 0.05 percent [+]
India 6.75 Sep/15 7.25 14.50 4.25 percent [+]
Indonesia 7.50 Sep/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Oct/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Sep/15 3.00 9.25 3.00 percent [+]
Russia 11.00 Sep/15 11.00 17.00 5.00 percent [+]
South Korea 1.50 Sep/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Sep/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Sep/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Oct/15 0.50 17.00 0.50 percent [+]
United States 0.25 Sep/15 0.25 20.00 0.25 percent [+]