The Bank of Canada left its key overnight rate unchanged at 0.25% on June 9th 2021, as expected. The quantitative easing program was also kept at a target pace of $3 billion per week, following a C$1 billion reduction in the previous meeting. The central bank judges that there remains considerable excess capacity in the Canadian economy, 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 percent inflation target is sustainably achieved. In the Bank’s April projection, this happens sometime in the second half of 2022. source: Bank of Canada
Interest Rate in Canada averaged 5.82 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 June 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. Looking forward, we estimate Interest Rate in Canada to stand at 0.25 in 12 months time. In the long-term, the Canada Interest Rate is projected to trend around 0.25 percent in 2022, according to our econometric models.