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

The Bank of Canada left its benchmark overnight rate on hold at 0.5 percent at its January 2016 meeting as expected. The Bank Rate is correspondingly 3/4 percent and the deposit rate is 1/4 percent. Interest Rate in Canada averaged 5.97 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 February of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-10-21 03:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2015-12-02 03:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-01-20 03:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2016-03-09 03:00 PM BoC Interest Rate Decision 0.5% 0.25%
2016-04-13 02:00 PM BoC Interest Rate Decision 0.25%
2016-05-25 02:00 PM BoC Interest Rate Decision 0.25%

BoC Holds Key Rate at 0.5%


The Bank of Canada left its benchmark overnight rate on hold at 0.5 percent at its January 2016 meeting as expected. The Bank Rate is correspondingly 3/4 percent and the deposit rate is 1/4 percent.

Statement by the Bank of Canada:

Inflation in Canada is evolving broadly as expected. Total CPI inflation remains near the bottom of the Bank’s target range as the disinflationary effects of economic slack and low consumer energy prices are only partially offset by the inflationary impact of the lower Canadian dollar on the prices of imported goods. As all of these factors dissipate, the Bank expects inflation will rise to about 2 per cent by early 2017. Measures of core inflation should remain close to 2 per cent.  

The dynamics of the global economy are broadly as anticipated in the Bank’s October Monetary Policy Report (MPR), with diverging economic prospects and shifting terms of trade. China continues its transition to a more sustainable growth path and the expansion in the United States is on track, despite temporary weakness in the fourth quarter of 2015. The U.S. Federal Reserve has begun to gradually withdraw its exceptional monetary stimulus. While risks to the world outlook remain and have been reflected in sharp price movements in a range of asset classes, global growth is expected to trend upwards beginning in 2016.

Prices for oil and other commodities have declined further and this represents a setback for the Canadian economy. GDP growth likely stalled in the fourth quarter of 2015, pulled down by temporary softness in the U.S. economy, weaker business investment and several other temporary factors. The Bank now expects the economy’s return to above-potential growth to be delayed until the second quarter of 2016. The protracted process of reorientation towards non-resource activity is underway, helped by stronger U.S. demand, the lower Canadian dollar, and accommodative monetary and financial conditions.  National employment remains resilient despite job losses in the resource sector and household spending continues to expand. 

The Bank projects Canada’s economy will grow by about 1 1/2 per cent in 2016 and 2 1/2 per cent in 2017. The complex nature of the ongoing structural adjustment makes the outlook for demand and potential output highly uncertain. The Bank’s current base case projection shows the output gap closing later than was anticipated in October, around the end of 2017. However, the Bank has not yet incorporated the positive impact of fiscal measures expected in the next federal budget.

All things considered, therefore, the risks to the profile for inflation are roughly balanced. Meanwhile, financial vulnerabilities continue to edge higher, as expected. The Bank’s Governing Council judges that 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
1/20/2016 3:06:49 PM

Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 16.00 0.25 percent [+]
Interbank Rate 0.85 0.85 8.95 0.43 percent [+]
Money Supply M0 79083.00 78391.00 79083.00 2214.00 CAD Million [+]
Money Supply M1 814765.00 812871.00 814765.00 30706.00 CAD Million [+]
Money Supply M2 1375316.00 1372359.00 1375316.00 25523.00 CAD Million [+]
Money Supply M3 2063210.00 2040398.00 2063210.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 99997.00 100391.00 100391.00 2226.00 CAD Million [+]
Banks Balance Sheet 4911652.00 4699779.00 4911652.00 10516.00 CAD Million [+]
Foreign Exchange Reserves 81182.00 79753.00 81182.00 1678.00 USD Million [+]
Loans to Private Sector 327900.00 317737.00 327900.00 10928.00 CAD Million [+]
Deposit Interest Rate 0.55 0.55 15.96 0.05 percent [+]
Foreign Stock Investment 2580.00 -5458.00 26125.00 -24132.00 CAD Million [+]




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