The Bank of Canada kept its benchmark interest rate steady at 1.75 percent on December 4th 2019, as widely expected. It remained the highest rate since December 2008. Policymakers said that the degree of monetary policy accommodation is appropriate and added that future decisions will be guided by the Bank’s continuing assessment of the adverse impact of trade conflicts against the sources of resilience in the Canadian economy. The Bank Rate and deposit rate were also left unchanged at 2.0 percent and 1.50 percent, respectively. Interest Rate in Canada averaged 5.87 percent from 1990 until 2019, reaching an all time high of 16 percent in February of 1991 and a record low of 0.25 percent in April of 2009. source: Bank of Canada

Interest Rate in Canada is expected to be 1.75 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 1.50 in 12 months time. In the long-term, the Canada Interest Rate is projected to trend around 1.50 percent in 2020, according to our econometric models.

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Canada Interest Rate
Actual Previous Highest Lowest Dates Unit Frequency
1.75 1.75 16.00 0.25 1990 - 2019 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-07-10 02:00 PM BoC Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2019-09-04 02:00 PM BoC Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2019-10-30 02:00 PM BoC Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2019-12-04 03:00 PM BoC Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2020-01-22 03:00 PM BoC Monetary Policy Report


Releases
Canada Holds Interest Rate at 1.75%
The Bank of Canada left its benchmark interest rate unchanged at 1.75 percent on October 30th 2019, as widely expected. It remained the highest rate since December 2008. Policymakers said that in considering the appropriate path for monetary policy they will monitor the extent to which the global slowdown spreads. The Committee added that they will pay attention to global developments as the resilience of the economy will be tested amid persistent trade conflicts and uncertainty. The Bank Rate and deposit rate were also left unchanged at 2.0 percent and 1.50 percent, respectively.
Published on 2019-10-30

Canada Leaves Monetary Policy Unchanged
The Bank of Canada kept its benchmark interest rate steady at 1.75 percent on September 4th 2019, as widely expected. It remained the highest rate since December 2008. Policymakers said that the degree of monetary policy accommodation is appropriate and noted that the economy is operating close to potential and inflation is on target. The Committee added that they will pay attention to global developments and their impact on the outlook for economic growth and inflation. The Bank Rate and deposit rate were also left unchanged at 2.0 percent and 1.50 percent, respectively.
Published on 2019-09-04

Canada Holds Interest Rate at 1.75%
The Bank of Canada held its benchmark interest rate at 1.75 percent on July 10th 2019, as widely expected. It remained the highest rate since December 2008. Policymakers said that the degree of monetary policy accommodation is appropriate and noted that the economy outlook is clouded by ongoing global trade tensions. The Committee added that they will continue to monitor developments in the energy sector and the impact of trade conflicts on the prospects for domestic economic growth and inflation. The Bank Rate and deposit rate were also left unchanged at 2.0 percent and 1.50 percent, respectively.
Published on 2019-07-10

Canada Leaves Monetary Policy Unchanged
The Bank of Canada left its benchmark interest rate unchanged at 1.75 percent on May 29th 2019, as widely expected. It remained the highest rate since December 2008. Policymakers said that the degree of monetary policy accommodation is appropriate and that they will remain data dependent for future policy decisions. The Committee added that they will continue to monitor developments in household spending, oil markets and the global trade environment. The Bank Rate and deposit rate were also left steady at 2.0 percent and 1.50 percent, respectively.
Published on 2019-05-29


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.

Canada Money Last Previous Highest Lowest Unit
Interest Rate 1.75 1.75 16.00 0.25 percent [+]
Money Supply M0 96113.00 96238.00 96238.00 2214.00 CAD Million [+]
Money Supply M1 1075046.00 1068064.00 1075046.00 30706.00 CAD Million [+]
Interbank Rate 2.06 2.06 8.95 0.43 percent [+]
Money Supply M2 1788170.00 1780400.00 1788170.00 25523.00 CAD Million [+]
Money Supply M3 2603204.00 2587398.00 2603204.00 37982.00 CAD Million [+]
Foreign Exchange Reserves 85297.00 85013.00 87872.00 1678.00 USD Million [+]
Central Bank Balance Sheet 117356.00 118283.00 120053.00 2110.00 CAD Million [+]
Banks Balance Sheet 6152683.00 6265890.00 6265890.00 10516.00 CAD Million [+]
Loans to Private Sector 476856.00 470575.00 476856.00 10904.00 CAD Million [+]
Deposit Interest Rate 1.80 1.77 22.06 0.10 percent [+]
Foreign Stock Investment 11318.00 5020.00 39139.00 -24129.00 CAD Million [+]
Private Debt to GDP 266.50 266.40 266.50 175.10 percent [+]