The Bank of Canada left its key overnight rate unchanged at 0.25% on July 14th, as expected but adjusted the quantitative easing program to a target pace of $2 billion from $3 billion per week. The adjustment reflects continued progress towards recovery and the Bank’s increased confidence in the strength of the Canadian economic outlook. The third wave of the virus slowed growth in the second quarter but falling COVID-19 cases, progress on vaccinations, and easing containment restrictions all point to a strong pickup in the second half of this year. The Bank now expects GDP growth of around 6% in 2021, a little slower than was expected in April, but has revised up its 2022 forecast to 4.5% and projects 3.25% growth in 2023. Policymakers expect inflation to remain above 3 percent through the second half of this year and ease back toward 2 percent in 2022. source: Bank of Canada
Interest Rate in Canada averaged 5.81 percent from 1990 until 2021, reaching an all time high of 16 percent in February of 1991 and a record low of 0.25 percent in April of 2009. This page provides - Canada Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
Interest Rate in Canada is expected to be 0.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Canada to stand at 0.25 in 12 months time. In the long-term, the Canada Interest Rate is projected to trend around 0.75 percent in 2022 and 1.50 percent in 2023, according to our econometric models.