Bank of Canada

Bank of Canada 2018-02-13T10:02:22+00:00
Bank of Canada

The Bank of Canada

The Bank of Canada is the nation’s central bank. Its principal role is “to promote the economic and financial welfare of Canada,” as defined in the Bank of Canada Act. The Bank’s four main areas of responsibility are:

  • Monetary Policy: The Bank influences the supply of money circulating in the economy, using its monetary policy framework to keep inflation low and stable
  • Financial System: The Bank promotes safe, sound and efficient financial systems, within Canada and internationally, and conducts transactions in financial markets in support of these objectives.
  • Currency: The Bank designs, issues and distributes Canada’s bank notes.
  • Funds Management: The Bank is the “fiscal agent” for the Government of Canada, managing its public debt programs and foreign exchange reserves.

Bank of Canada and Key Interest Rates

Policy Interest Rate


Qualifying Rate


Prime Lending Rate


***Rates are subject to change at anytime. The Bank of Canada has a set schedule for interest rate adjustments.***

2018 Interest Rate Announcement Schedule

The Bank of Canada’s 2018 schedule for policy interest rate announcements and quarterly Monetary Policy Reports. The scheduled announcement dates for 2018 are as follows:

Wednesday, January 17*
Wednesday, March 7
Wednesday, April 18*
Wednesday, May 30
Wednesday, July 11*
Wednesday, September 5
Wednesday, October 24*
Wednesday, December 5

*Monetary Policy Report published

All rate announcements will be made at 10:00 (ET), and the Monetary Policy Report will be published concurrently with the January, April, July and October rate announcements.

Bank of Canada News and Announcements

Bank of Canada Raises Rates

As predicted, the Bank of Canada opted to increase its target for the overnight rate today to 1.25%, up from 1%. It's reasoning? Strong recent data, close-to-target inflation and an economy that's operating pretty much at capacity. While things are looking up right now, however, the Bank doesn't expect it to stay this strong for long. It predicts real GDP growth will slow to 2.2% in 2018 and 1.6% in 2019. For a bit of context, the Bank estimates GDP growth reached 3.0% in 2017. The uncertain state of NAFTA is also clouding future economic predictions and definitely has [...]

January 17th, 2018|

Bank of Canada Holds Rates

The Bank of Canada today maintained its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Inflation has picked up in recent months, as anticipated in the Bank’s July Monetary Policy Report (MPR), reflecting stronger economic activity and higher gasoline prices. Measures of core inflation have edged up, in line with a narrowing output gap and the diminishing effects of lower food prices. The Bank projects inflation will rise to 2 per cent in the second half of 2018. This is a little [...]

October 25th, 2017|

Bank of Canada Surprises With a Rate Hike

The Bank of Canada is raising its target for the overnight rate to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Recent economic data have been stronger than expected, supporting the Bank’s view that growth in Canada is becoming more broadly-based and self-sustaining. Consumer spending remains robust, underpinned by continued solid employment and income growth. There has also been more widespread strength in business investment and in exports. Meanwhile, the housing sector appears to be cooling in some markets in response to recent changes in tax and housing [...]

September 6th, 2017|
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