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

The Bank of Canada held its overnight rate at 0.5 percent on December 7th, as widely expected, saying that although the global economy has strengthened, uncertainty persists. Policymakers also said they are anticipating a more moderate growth in the fourth quarter while inflation is still below expectations, largely because of lower food prices. The Bank Rate was also left on hold at 0.75 percent and the deposit rate at 0.25 percent. Interest Rate in Canada averaged 5.94 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.

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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-07 02:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
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%
2017-01-20 03:00 PM BoC Interest Rate Decision
2017-03-09 03:00 PM BoC Interest Rate Decision
2017-04-13 02:00 PM BoC Interest Rate Decision




Canada Holds Overnight Rate At 0.5%


The Bank of Canada held its overnight rate at 0.5 percent on December 7th, as widely expected, saying that although the global economy has strengthened, uncertainty persists. Policymakers also said they are anticipating a more moderate growth in the fourth quarter while inflation is still below expectations, largely because of lower food prices. 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:

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

Economic data suggest that global economic conditions have strengthened, as the Bank anticipated in its October Monetary Policy Report (MPR). However, uncertainty, which has been undermining business confidence and dampening investment in Canada’s major trading partners, remains undiminished. Following the election in the United States, there has been a rapid back-up in global bond yields, partly reflecting market anticipation of fiscal expansion in a US economy that is near full capacity. Canadian yields have risen significantly in this context.

In Canada, the dynamics of growth are largely as the Bank anticipated. Following a very weak first half of 2016, growth in the third quarter rebounded strongly, but more moderate growth is anticipated in the fourth quarter. Consumption growth was robust in the third quarter, supported by the new Canada Child Benefit, while the effects of federal infrastructure spending are not yet evident in the GDP data. Meanwhile, business investment and non-energy goods exports continue to disappoint. There have been ongoing gains in employment, but a significant amount of economic slack remains in Canada, in contrast to the United States. While household imbalances continue to rise, these will be mitigated over time by announced changes to housing finance rules.

Total CPI inflation has picked up in recent months but is slightly below expectations, largely because of lower food prices. Core inflation is close to 2 per cent because the effect of persistent economic slack is still being offset by that of past exchange rate depreciation, although the latter effect is dissipating.

Overall, the Bank’s Governing Council judges that the current stance of monetary policy remains appropriate. Therefore, the target for the overnight rate remains at 1/2 per cent.

Bank of Canada | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/7/2016 3:22:42 PM



Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 16.00 0.25 percent [+]
Interbank Rate 0.90 0.90 8.95 0.43 percent [+]
Money Supply M0 82726.00 82262.00 82726.00 2214.00 CAD Million [+]
Money Supply M1 872891.00 861909.00 872891.00 30706.00 CAD Million [+]
Money Supply M2 1462238.00 1449437.00 1462238.00 25523.00 CAD Million [+]
Money Supply M3 2193771.00 2185959.00 2193771.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 104138.00 103358.00 105066.00 2226.00 CAD Million [+]
Banks Balance Sheet 5123666.00 5130561.00 5130561.00 10516.00 CAD Million [+]
Foreign Exchange Reserves 83383.00 84195.00 84298.00 1678.00 USD Million [+]
Loans to Private Sector 337432.00 336944.00 337758.00 10928.00 CAD Million [+]
Deposit Interest Rate 0.10 0.55 15.96 0.05 percent [+]
Foreign Stock Investment 11773.00 12747.00 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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 16.00 0.25 1990 - 2016 percent Daily



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