The Bank of Canada held its target for the overnight rate at 0.25% on September 9th 2021, in line with forecasts, and maintained the quantitative easing program at a target pace of $2 billion per week, following a $1 billion cut in the previous meeting. Policymakers continue to expect the economy to strengthen in the second half of 2021, although the fourth wave of COVID-19 infections and ongoing supply bottlenecks could weigh on the recovery. Also, the central bank judges that the Canadian economy still has considerable excess capacity, and that the recovery continues to require extraordinary monetary policy support. the bank remains committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2% inflation target is sustainably achieved. In the Bank’s July projection, this happens in the second half of 2022. source: Bank of Canada
Interest Rate in Canada averaged 5.81 percent from 1990 until 2021, reaching an all time high of 16 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 2021.
Interest Rate in Canada is expected to be 0.25 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 0.75 percent in 2022 and 1.50 percent in 2023, according to our econometric models.