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

The Bank of Canada held its benchmark overnight rate at 1 percent on December 6th, 2017, in line with market expectations. Policymakers said the current policy stance remains appropriate although higher interest rates will likely be required over time. The Bank Rate is correspondingly 1 1/4 percent and the deposit rate is 3/4 percent. Interest Rate in Canada averaged 5.91 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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Canada Leaves Monetary Policy Steady


The Bank of Canada held its benchmark overnight rate at 1 percent on December 6th, 2017, in line with market expectations. Policymakers said the current policy stance remains appropriate although higher interest rates will likely be required over time. The Bank Rate is correspondingly 1 1/4 percent and the deposit rate is 3/4 percent.

Statement of the Bank of Canada:

The global economy is evolving largely as expected in the Bank’s October Monetary Policy Report (MPR). In the United States, growth in the third quarter was stronger than forecast but is still expected to moderate in the months ahead. Growth has firmed in other advanced economies. Meanwhile, oil prices have moved higher and financial conditions have eased. The global outlook remains subject to considerable uncertainty, notably about geopolitical developments and trade policies.

Recent Canadian data are in line with October’s outlook, which was for growth to moderate while remaining above potential in the second half of 2017. Employment growth has been very strong and wages have shown some improvement, supporting robust consumer spending in the third quarter. Business investment continued to contribute to growth after a strong first half, and public infrastructure spending is becoming more evident in the data. Following exceptionally strong growth earlier in 2017, exports declined by more than was expected in the third quarter. However,  the latest trade data support the MPR projection that export growth will resume as foreign demand strengthens. Housing has continued to moderate, as expected.

Inflation has been slightly higher than anticipated and will continue to be boosted in the short term by temporary factors, particularly gasoline prices. Measures of core inflation have edged up in recent months, reflecting the continued absorption of economic slack. Revisions to past quarterly national accounts have resulted in a higher level of GDP. However, this is unlikely to have significant implications for the output gap because the revisions also imply a higher level of potential output. Meanwhile, despite rising employment and participation rates, other indicators point to ongoing­ – albeit diminishing – slack in the labour market.

Based on the outlook for inflation and the evolution of the risks and uncertainties identified in October’s MPR, Governing Council judges that the current stance of monetary policy remains appropriate. While higher interest rates will likely be required over time, Governing Council will continue to be cautious, guided by incoming data in assessing the economy’s sensitivity to interest rates, the evolution of economic capacity, and the dynamics of both wage growth and inflation.

BoC | Joana Taborda | joana.taborda@tradingeconomics.com
12/6/2017 3:06:19 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-09-06 02:00 PM BoC Interest Rate Decision 1.00% 0.75% 0.75% 0.75%
2017-10-25 02:00 PM BoC Interest Rate Decision 1.00% 1% 1% 1%
2017-12-06 03:00 PM BoC Interest Rate Decision 1.00% 1% 1% 1%
2018-01-17 03:00 PM BoC Interest Rate Decision
2018-01-17 03:00 PM BoC Monetary Policy Report
2018-03-07 03:00 PM BoC Interest Rate Decision


Canada Money Last Previous Highest Lowest Unit
Interest Rate 1.00 1.00 16.00 0.25 percent [+]
Interbank Rate 1.43 1.43 8.95 0.43 percent [+]
Money Supply M0 88870.00 88345.00 88870.00 2214.00 CAD Million [+]
Money Supply M1 951372.00 945263.00 951372.00 30706.00 CAD Million [+]
Money Supply M2 1566901.00 1557533.00 1566901.00 25523.00 CAD Million [+]
Money Supply M3 2320347.00 2298134.00 2320347.00 37982.00 CAD Million [+]
Central Bank Balance Sheet 109564.00 110441.00 111005.00 2226.00 CAD Million [+]
Banks Balance Sheet 5274991.00 5212789.00 5276025.00 10516.00 CAD Million [+]
Foreign Exchange Reserves 86805.00 83387.00 86805.00 1678.00 USD Million [+]
Loans to Private Sector 369016.00 363030.00 369016.00 10928.00 CAD Million [+]
Deposit Interest Rate 0.10 0.10 15.96 0.05 percent [+]
Foreign Stock Investment 16810.00 9770.00 39177.00 -24129.00 CAD Million [+]
Private Debt to GDP 266.89 257.84 266.89 177.36 percent [+]


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. 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 December of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.00 1.00 16.00 0.25 1990 - 2017 percent Daily




interest rate by Country
Country Last
Russia 8.25 Oct/17
Turkey 8.00 Nov/17
Brazil 7.00 Dec/17
Mexico 7.00 Nov/17
India 6.00 Dec/17
China 4.35 Oct/17
Indonesia 4.25 Nov/17
Australia 1.50 Dec/17
South Korea 1.50 Nov/17
United States 1.25 Nov/17
Canada 1.00 Dec/17
United Kingdom 0.50 Nov/17
Euro Area 0.00 Nov/17
France 0.00 Nov/17
Germany 0.00 Nov/17
Italy 0.00 Nov/17
Netherlands 0.00 Nov/17
Spain 0.00 Nov/17
Japan -0.10 Oct/17
Switzerland -0.75 Nov/17