Key Interest Rate

October 28, 2020
Monetary Policy Report – October 2020

The Bank expects Canada’s economy to grow by almost 4 percent on average in 2021 and 2022, following a decline of about 5 ½ percent in 2020.

Content Type(s): Publications, Monetary Policy Report
September 9, 2020
Bank of Canada maintains commitment to current level of policy rate, continues program of quantitative easing

Media Relations Ottawa, Ontario

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds.

Content Type(s): Press, Press releases
July 15, 2020
Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues program of quantitative easing

Media Relations Ottawa, Ontario

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent.

Content Type(s): Press, Press releases
July 15, 2020
Monetary Policy Report – July 2020

The Bank expects a sharp rebound in economic activity in the reopening phase of the recovery, followed by a more prolonged recuperation phase.

Content Type(s): Publications, Monetary Policy Report
June 3, 2020
Bank of Canada maintains target for the overnight rate, scales back some market operations as financial conditions improve

Media Relations Ottawa, Ontario

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent.

Content Type(s): Press, Press releases
April 15, 2020
Bank of Canada maintains overnight rate target and unveils new market operations

Media Relations Ottawa, Ontario

The Bank of Canada today maintained its target for the overnight rate at ¼ percent, which the Bank considers its effective lower bound. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank also announced new measures to provide additional support to Canada’s financial system.

Content Type(s): Press, Press releases
April 15, 2020
Monetary Policy Report – April 2020

Canada’s economy faces two significant shocks—the plunge in global oil prices and the impact of the COVID-19 pandemic.

Content Type(s): Publications, Monetary Policy Report
March 4, 2020
Bank of Canada lowers overnight rate target to 1 ¼ percent

Media Relations Ottawa, Ontario

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.

Content Type(s): Press, Press releases
January 22, 2020
Bank of Canada maintains overnight rate target at 1 ¾ percent

Media Relations Ottawa, Ontario

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent.

Content Type(s): Press, Press releases
January 22, 2020
Monetary Policy Report – January 2020

The Bank projects that growth in the Canadian economy will accelerate from 1.6 percent this year to 2 percent in 2021.

Content Type(s): Publications, Monetary Policy Report