The Bank of Canada maintained the target for its overnight rate unchanged at 2.25% in its September 2026 decision, as expected by markets, but flagged stronger upside risks to inflation. The Governing Council noted that the Canadian economy underwent a broad recovery in the second quarter, underscoring some resilience to adverse economic conditions since the outbreak of war in the Middle East lifted energy prices and long-maturity yields domestically. On top of that, flagged upside inflation risks from the continuation of the war and the reintroduction of aggressive tariffs on Canadian exports to the United States. Still, the BoC noted that underlying inflation has so far maintained its target level despite the shock in energy prices since March. Despite stressing higher inflation risks, the bank reiterated that the uncertain outlook prevents any clear signals on monetary policy this year. source: Bank of Canada

The benchmark interest rate in Canada was last recorded at 2.25 percent. Interest Rate in Canada averaged 5.74 percent from 1990 until 2026, reaching an all time high of 16.00 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 September of 2026.

The benchmark interest rate in Canada was last recorded at 2.25 percent. Interest Rate in Canada is expected to be 2.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada Interest Rate is projected to trend around 2.25 percent in 2027 and 2.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-10 01:45 PM BoC Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-07-15 01:45 PM BoC Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-09-02 01:45 PM BoC Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-09-16 05:30 PM BoC Summary of Deliberations
2026-10-19 02:30 PM BoC Survey of Consumer Expectations
2026-10-19 02:30 PM BoC Business Outlook Survey


Related Last Previous Unit Reference
Banks Balance Sheet 3501706.00 3965745.00 CAD Million Jun 2026
Central Bank Balance Sheet 231913.00 233644.00 CAD Million Aug 2026
BoC Interest Rate 2.25 2.25 percent Sep 2026
Money Supply M1 1798068.00 1786910.00 CAD Million Jun 2026


Canada Interest Rate
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.
Actual Previous Highest Lowest Dates Unit Frequency
2.25 2.25 16.00 0.25 1990 - 2026 percent Daily

News Stream
Bank of Canada Holds Rate at 2.25%
The Bank of Canada maintained the target for its overnight rate unchanged at 2.25% in its September 2026 decision, as expected by markets, but flagged stronger upside risks to inflation. The Governing Council noted that the Canadian economy underwent a broad recovery in the second quarter, underscoring some resilience to adverse economic conditions since the outbreak of war in the Middle East lifted energy prices and long-maturity yields domestically. On top of that, flagged upside inflation risks from the continuation of the war and the reintroduction of aggressive tariffs on Canadian exports to the United States. Still, the BoC noted that underlying inflation has so far maintained its target level despite the shock in energy prices since March. Despite stressing higher inflation risks, the bank reiterated that the uncertain outlook prevents any clear signals on monetary policy this year.
2026-09-02
Bank of Canada Holds Rate as Expected
The Bank of Canada left the target for its overnight rate unchanged at 2.25% for a sixth consecutive decision in July 2026, in light with expectations. The Governing Council noted that Canada's economy has shows signs of improvement in the last months despite being dented by the immediate impact of soaring energy prices from the Middle East conflict. The Council added that it is unlikely that economic growth will be remain at its elevated pace for long, but noted that the sources of expansion are broadening. New projections have Canada's GDP growth slowing to 2.75% this year, before rebounding to 3.25% next year. In the meantime, inflation is also due to slow as the pressure from the energy shock eases, although geopolitical uncertainty holds the unpredictable outlook, warranting no change in monetary conditions. The BoC's base case sees CPI inflation to stay above the 3% threshold in June and ease in the coming months, before converging to 2% by next year.
2026-07-15
BoC Leaves Rates Steady, Stands Ready to Raise if Needed
The Bank of Canada left the target for its benchmark overnight rate steady at 2.25% for a fifth consecutive meeting in June 2026, in line with expectations. Policymakers said that so far, there has been limited evidence of broad-based pass-through of higher energy prices to other consumer prices. However, the central bank is continuing to look through the war’s near-term impact on inflation and will not let higher energy prices become persistent inflation, standing ready to respond as needed. Inflation in Canada rose to 2.8% in April mostly due to energy prices, but the core rate moved down to 2.1%. The central bank expects inflation to hover around 3% before gradually easing towards the 2% target. Policymakers also noted that economic activity in Canada has been weak and uncertainty about US trade policy persists. The Bank Rate and the deposit rate were also kept at 2.5% and 2.20% respectively.
2026-06-10