Canada Interest Rate  1990-2017 | Data | Chart | Calendar | Forecast

The Bank of Canada held its overnight rate at 0.5 percent on January 18th, 2017 as widely expected, saying inflation is expected to move close to the 2 percent target in the months ahead while consumption and fiscal measures are expected to support growth in 2017. The Bank Rate was also left on hold at 0.75 percent and the deposit rate at 0.25 percent. In addition, the central bank has upwardly revised forecasts for GDP and inflation. Interest Rate in Canada averaged 5.94 percent from 1990 until 2017, reaching an all time high of 16 percent in February of 1991 and a record low of 0.25 percent in April of 2009.

Canada Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
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% 0.5% 0.5% 0.5%
2017-01-18 03:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2017-03-01 03:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5%
2017-03-02 06:00 PM BoC Lane Speech
2017-03-03 07:45 PM BoC Wilkins Speech




Canada Leaves Key Rate Steady At 0.5%


The Bank of Canada held its overnight rate at 0.5 percent on January 18th, 2017 as widely expected, saying inflation is expected to move close to the 2 percent target in the months ahead while consumption and fiscal measures are expected to support growth in 2017. 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:

Uncertainty about the global outlook is undiminished, particularly with respect to policies in the United States. The Bank has made initial assumptions about prospective tax policies only, resulting in a modest upward revision to its US growth outlook. Overall, the global economy is strengthening largely as expected and prices of some commodities, including oil, have risen. The rapid back-up in global bond yields, partly reflecting market anticipation of US fiscal expansion, has pulled up Canadian yields relative to the October Monetary Policy Report (MPR).

In contrast to the United States, Canada’s economy continues to operate with material excess capacity. While employment growth has remained firm, indicators still point to significant slack in the labour market. The resource sector’s adjustment to past commodity price declines appears to be largely complete, but negative wealth and income effects will persist. Meanwhile, the Canadian dollar has strengthened along with the US dollar against other currencies, exacerbating ongoing competitiveness challenges and muting the outlook for exports. Consumption is expected to remain solid, while residential investment will be tempered by previously announced changes to housing finance rules and by mortgage rates that have risen in response to higher bond yields. Federal and provincial fiscal measures are still expected to support growth in 2017.

Bearing in mind the important assumptions embedded in its forecast, the Bank projects that Canada’s real GDP will grow by 2.1 per cent in both 2017 and 2018. This implies a return to full capacity around mid-2018, in line with October’s projection. 

Inflation in Canada has been lower than anticipated since October, mainly because of declines in food prices. Measures of core inflation are below 2 per cent, reflecting material excess capacity in the economy. As consumer energy prices rise and the impact of lower food prices dissipates, inflation is expected to move close to the 2 per cent target in the months ahead and remain there throughout the projection horizon while excess capacity is being absorbed.

In the context of a projection that is largely unchanged, the Bank’s Governing Council judges that the current stance of monetary policy is still appropriate and maintains the target for the overnight rate at 1/2 per cent. Governing Council will continue to assess the impact of ongoing developments, mindful of the significant uncertainties weighing on the outlook.





BoC | Joana Taborda | joana.taborda@tradingeconomics.com
1/18/2017 4:10:44 PM



Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 16.00 0.25 percent [+]
Interbank Rate 0.95 0.95 8.95 0.43 percent [+]
Money Supply M0 83795.00 83681.00 83795.00 2214.00 CAD Million [+]
Money Supply M1 893093.00 887462.00 893093.00 30706.00 CAD Million [+]
Money Supply M2 1494085.00 1488682.00 1494085.00 25523.00 CAD Million [+]
Money Supply M3 2240330.00 2226012.00 2240330.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 105830.00 104693.00 105830.00 2226.00 CAD Million [+]
Banks Balance Sheet 5221650.00 5237181.00 5237181.00 10516.00 CAD Million [+]
Foreign Exchange Reserves 84783.00 82718.00 84783.00 1678.00 USD Million [+]
Loans to Private Sector 348692.00 344126.00 348692.00 10928.00 CAD Million [+]
Deposit Interest Rate 0.10 0.55 15.96 0.05 percent [+]
Foreign Stock Investment 10231.00 7257.00 26480.00 -24129.00 CAD Million [+]
Private Debt to GDP 256.08 241.87 256.08 177.36 percent [+]



Canada Interest Rate Notes

In Canada, benchmark interest rate is set by the Bank of Canada's (BoC) Governing Council. The official interest rate is the Overnight 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 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 16.00 0.25 1990 - 2017 percent Daily



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