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.

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Canada Interest Rate
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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 Saturday, July 4, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-05-19 04:45 PM
2015-05-27 03:00 PM 0.75% 0.75% 0.75% 0.75%
2015-06-11 04:15 PM
2015-07-15 03:00 PM 0.75% 0.75%
2015-09-03 03:00 PM 0.75%
2015-10-21 03:00 PM 0.75%


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.

The Bank Rate is correspondingly 1 percent and the deposit rate is 0.5 percent.

Statement by the Bank of Canada:

Inflation in Canada continues to track the path outlined in the Bank’s April Monetary Policy Report (MPR). Total CPI inflation is near the bottom of the Bank's 1 to 3 per cent inflation control range, largely due to the transitory effects of sharply lower energy prices. Core inflation remains above 2 per cent, boosted by the pass-through effects of past depreciation of the Canadian dollar, as well as certain sector-specific factors. Seeing through the various temporary factors, the Bank estimates that the underlying trend of inflation is 1.6 to 1.8 per cent, consistent with persistent slack in the economy. 

The outlook for the Canadian economy also remains largely in line with the April MPR. While a weak first quarter in the United States has raised questions about that economy’s underlying strength, the Bank expects a return to solid growth in the second quarter. This will help advance the rotation of demand in Canada toward more exports and business investment. Recent indicators suggest consumption in Canada is holding up relatively well, given the impact of lower oil prices on gross domestic income.

Despite the recent back-up in global bond yields, financial conditions for Canadian households and firms remain highly stimulative. The Canadian dollar has strengthened in recent weeks in the context of higher oil prices and a softer U.S. dollar. If these developments are sustained, their net effect will need to be assessed as more data become available in the months ahead.

Although a number of complex adjustments are under way, the Bank’s assessment of risks to the inflation profile has not materially changed. Risks to financial stability remain elevated, but appear to be evolving as expected. Weighing all of these risks, the Bank judges that the current degree of monetary policy stimulus remains appropriate and therefore the target for the overnight rate remains at 3/4 per cent.

Bank of Canada | Joana Ferreira | joana.ferreira@tradingeconomics.com
5/27/2015 3:50:07 PM


Recent Releases

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 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


Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.75 0.75 16.00 0.25 percent [+]
Interbank Rate 0.74 0.72 21.57 0.24 percent [+]
Money Supply M0 75595.00 75251.00 75595.00 2214.00 CAD Million [+]
Money Supply M1 774677.00 771493.00 774677.00 30706.00 CAD Million [+]
Money Supply M2 1322826.00 1320011.00 1322826.00 25523.00 CAD Million [+]
Money Supply M3 1948344.00 1949365.00 1949365.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 94733.00 94310.00 94733.00 2226.00 CAD Million [+]
Foreign Exchange Reserves 77269.00 77843.00 77885.00 1678.00 USD Million [+]
Loans to Private Sector 248064.00 243563.00 248064.00 10151.00 CAD Million [+]
Foreign Stock Investment 12935.00 22556.00 26142.00 -24132.00 CAD Million [+]
Banks Balance Sheet 4510208.00 4663303.00 4683469.00 10516.00 CAD Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Jun/15 2.00 17.50 2.00 percent [+]
Brazil 13.75 Jun/15 13.25 45.00 7.25 percent [+]
Canada 0.75 May/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 4.85 percent [+]
Euro Area 0.05 Jun/15 0.05 4.75 0.05 percent [+]
France 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jun/15 0.05 4.75 0.05 percent [+]
India 7.25 Jun/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Jun/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Jun/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jun/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Russia 11.50 Jun/15 12.50 17.00 5.00 percent [+]
South Korea 1.50 Jun/15 1.75 5.25 1.50 percent [+]
Spain 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jun/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jun/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jun/15 0.25 20.00 0.25 percent [+]