Key Interest Rate

• July 24, 2024

  Bank of Canada reduces policy rate by 25 basis points to 4½%

  Media Relations Ottawa, Ontario

  The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization.

  Content Type(s): Press, Press releases
• July 24, 2024

  Monetary Policy Report—July 2024

  

  Monetary policy is working to reduce price pressures in the Canadian economy. Core inflation is expected to ease gradually, while the path of CPI inflation will be bumpy. Inflation returns sustainably to the 2% target in the second half of 2025.

  Content Type(s): Publications, Monetary Policy Report