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. 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 July 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
2026-04-29 01:45 PM BoC Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
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%
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 5275104.00 3463548.00 CAD Million Apr 2026
Central Bank Balance Sheet 230198.00 232924.00 CAD Million May 2026
BoC Interest Rate 2.25 2.25 percent Jul 2026
Money Supply M1 1772675.00 1770861.00 CAD Million Apr 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 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
Bank of Canada Holds Rates as Expected
The Bank of Canada left its overnight target rate steady at 2.25% in its April 2026 meeting, aligned with market expectations and its earlier guidance, and refrained from giving a clear direction on future rates due to the uncertain geopolitical backdrop. Inflation surged in March due to the increase in energy prices caused by the outbreak of war in the Middle East. Still, the BoC noted that higher energy prices have so far refrained from feeding through more broad sectors of the economy. Additionally, inflation expectations were impacted on the upside but remain anchored, warranting the hold in interest rates. The central bank's updated forecasts see GDP growth at 1.2% this year and 1.7% the next year, reflecting a robustness to the energy shocks being absorbed by the excess supply in the economy.
2026-04-29