Canada Interest Rate  1990-2017 | Data | Chart | Calendar | Forecast

The Bank of Canada held its overnight rate steady at 0.5 percent on May 23rd, 2017, saying inflation is broadly in line with projections and recent economic data have been encouraging. The decision came in line with market expectations. 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 5.93 percent from 1990 until 2017, reaching an all time high of 16 percent in February of 1991 and a record low of 0.25 percent in April of 2009.

Canada Interest Rate
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Calendar GMT Actual Previous Consensus Forecast (i)
2017-03-01 03:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2017-04-12 02:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2017-05-24 02:00 PM BoC Interest Rate Decision 0.5% 0.5% 0.5% 0.5%
2017-06-28 01:30 PM BoC Gov Poloz Speech
2017-06-28 06:05 PM BoC Patterson Speech
2017-06-30 02:30 PM BoC Business Outlook Survey




Canada Maintains Key Rate At 0.5%


The Bank of Canada held its overnight rate steady at 0.5 percent on May 23rd, 2017, saying inflation is broadly in line with projections and recent economic data have been encouraging. The decision came in line with market expectations. 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:

Inflation is broadly in line with the Bank’s projection in its April Monetary Policy Report (MPR). Food prices continue to decline, mainly because of intense retail competition, pushing inflation temporarily lower. The Bank’s three measures of core inflation remain below two per cent and wage growth is still subdued, consistent with ongoing excess capacity in the economy.

The global economy continues to gain traction and recent developments reinforce the Bank’s view that growth will gradually strengthen and broaden over the projection horizon. As anticipated, growth in the United States during the first quarter was weak, reflecting mostly temporary factors. Recent data point to a rebound in the second quarter.  The uncertainties outlined in the April MPR continue to cloud the global and Canadian outlooks.

The Canadian economy’s adjustment to lower oil prices is largely complete and recent economic data have been encouraging, including indicators of business investment. Consumer spending and the housing sector continue to be robust on the back of an improving labour market, and these are becoming more broadly based across regions. Macroprudential and other policy measures, while contributing to more sustainable debt profiles, have yet to have a substantial cooling effect on housing markets. Meanwhile, export growth remains subdued, as anticipated in the April MPR, in the face of ongoing competitiveness challenges. The Bank’s monitoring of the economic data suggests that very strong growth in the first quarter will be followed by some moderation in the second quarter.

All things considered, Governing Council judges that the current degree of monetary stimulus is appropriate at present, and maintains the target for the overnight rate at 1/2 per cent.

Bank of Canada | Joana Taborda | joana.taborda@tradingeconomics.com
5/24/2017 2:05:02 PM



Canada Money Last Previous Highest Lowest Unit
Interest Rate 0.50 0.50 16.00 0.25 percent [+]
Interbank Rate 0.96 0.95 8.95 0.43 percent [+]
Money Supply M0 85672.00 85007.00 85672.00 2214.00 CAD Million [+]
Money Supply M1 929013.00 912147.00 929013.00 30706.00 CAD Million [+]
Money Supply M2 1535080.00 1518600.00 1535080.00 25523.00 CAD Million [+]
Money Supply M3 2289965.00 2259187.00 2289965.00 37982.00 CAD Million [+]
Banks Balance Sheet 5254857.00 5204390.00 5254857.00 10516.00 CAD Million [+]
Central Bank Balance Sheet 105853.00 105106.00 105853.00 2226.00 CAD Million [+]
Foreign Exchange Reserves 85589.00 84710.00 85589.00 1678.00 USD Million [+]
Loans to Private Sector 352102.00 349759.00 352102.00 10928.00 CAD Million [+]
Deposit Interest Rate 0.10 0.10 15.96 0.05 percent [+]
Foreign Stock Investment 10602.00 15053.00 39111.00 -24129.00 CAD Million [+]
Private Debt to GDP 266.89 257.84 266.89 177.36 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 June of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 16.00 0.25 1990 - 2017 percent Daily



interest rate by Country

Last
Brazil 10.25 May/17
Russia 9.00 Jun/17
Turkey 8.00 Jun/17
Mexico 7.00 Jun/17
India 6.25 Jun/17
Indonesia 4.75 Jun/17
China 4.35 Jun/17
Australia 1.50 Jun/17
South Korea 1.25 May/17
United States 1.25 Jun/17
Canada 0.50 May/17
United Kingdom 0.25 Jun/17
Euro Area 0.00 Jun/17
France 0.00 Jun/17
Germany 0.00 Jun/17
Italy 0.00 Jun/17
Netherlands 0.00 Jun/17
Spain 0.00 Jun/17
Japan -0.10 Jun/17
Switzerland -0.75 Jun/17