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

The benchmark interest rate in Canada was last recorded at 0.75 percent. Interest Rate in Canada averaged 5.99 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.

      Forecast    
Canada Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.75 0.75 16.00 0.25 1990 - 2015 percent Daily
In Canada, interest rate decisions are taken 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 Wednesday, April 1, 2015.


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.

The Bank Rate is correspondingly 1 percent and the deposit rate is 1/2 percent.

Statement by the Bank of Canada:

Total CPI inflation in Canada has fallen as expected, reflecting the significant drop in oil prices. Core inflation remains close to 2 per cent and continues to be temporarily boosted by the pass-through effects of the lower Canadian dollar, as well as sector-specific factors.

The global economy is evolving broadly in line with projections in the Bank’s January Monetary Policy Report (MPR). The United States remains the main source of momentum in the global economy, while headwinds to growth linger in many regions. In this context, a growing number of central banks have taken actions to ease monetary conditions. Crude oil prices are close to the Bank’s MPR assumptions.

Canadian economic growth in the fourth quarter of 2014 was consistent with the Bank’s expectations. The oil price shock had a modest early impact on aggregate demand, and a larger effect on income. The Bank continues to expect that most of the negative impact from lower oil prices will appear in the first half of 2015, although it may be even more front-loaded than projected in January. Nevertheless, data for 2014 as a whole suggest the anticipated rotation into stronger growth in non-energy exports and investment is well underway.

Financial conditions in Canada have eased materially since January, in response to the Bank’s recent monetary policy action and to global financial developments. This easing is reflected across the yield curve and in a wide range of asset prices, including the Canadian dollar. These conditions will mitigate the negative effects of the oil price shock, further boosting growth through stronger non-energy exports and investment.

In light of these developments, the risks around the inflation profile are now more balanced and financial stability risks are evolving as expected in January. At present, we judge that the current degree of monetary policy stimulus is still appropriate and the target for the overnight rate remains at 3/4 per cent.

Bank of Canada | Carolina | carolina.cunha@tradingeconomics.com
3/4/2015 3:20:02 PM


Recent Releases

Canada Lowers Key Rate to 0.75%
The Bank of Canada cut the overnight rate by 25 bps to 0.75 percent on January 21st, saying the recent sharp drop in oil prices will have negative impact on growth and inflation. The Bank Rate was correspondingly lowered to 1 percent and the deposit rate to 0.5 percent. Published on 2015-01-21

Canada Leaves Rates on Hold in December
The Bank of Canada maintained the target for the overnight rate at 1 percent at its December 3rd meeting. The Council said that the economy is showing signs of a broadening recovery, yet lower commodity prices and household debt may weight on further expansion. Published on 2014-12-03


Calendar GMT Event Actual Previous Consensus Forecast (i)
2015-03-04 03:00 PM
BoC Interest Rate Decision 
0.75% 0.75% 0.75% 0.75%
2015-03-25 08:45 PM
BoC Lane Speech 
2015-03-26 01:30 PM
BoC Gov Poloz Speech 
2015-04-15 03:00 PM
BoC Interest Rate Decision 
0.75% 0.75%
2015-05-27 03:00 PM
BoC Interest Rate Decision 
0.75%
2015-07-15 03:00 PM
BoC Interest Rate Decision 
0.75%


Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.75 0.75 16.00 0.25 percent [+]
Interbank Rate 0.75 0.75 21.57 0.24 percent [+]
Money Supply M0 74444.00 73704.00 74444.00 2214.00 CAD Million [+]
Money Supply M1 759847.00 753822.00 759847.00 30706.00 CAD Million [+]
Money Supply M2 1309940.00 1301350.00 1309940.00 25523.00 CAD Million [+]
Money Supply M3 1931120.00 57432.07 1931120.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 92267.00 93335.00 93388.00 2226.00 CAD Million [+]
Foreign Exchange Reserves 74768.00 74837.00 77885.00 1678.00 USD Million [+]
Loans to Private Sector 241285.00 241453.00 241453.00 10151.00 CAD Million [+]
Foreign Stock Investment 5730.00 -13540.00 26142.00 -24132.00 CAD Million [+]
Banks Balance Sheet 4683469.00 4427078.00 4683469.00 10516.00 CAD Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Mar/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Mar/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Mar/15 0.05 4.75 0.05 percent [+]
France 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Mar/15 0.05 4.75 0.05 percent [+]
India 7.50 Mar/15 7.75 14.50 4.25 percent [+]
Indonesia 7.50 Mar/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Mar/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Mar/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Russia 14.00 Mar/15 15.00 17.00 5.00 percent [+]
South Korea 1.75 Mar/15 2.00 5.25 1.75 percent [+]
Spain 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Mar/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Mar/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Mar/15 0.50 17.00 0.50 percent [+]
United States 0.25 Mar/15 0.25 20.00 0.25 percent [+]