January 25, 2023
We are Canada's central bank. We work to preserve the value of money by keeping inflation low and stable.
News
January 25, 2023
Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening
The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%.
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Press releases
January 25, 2023
Inflation in Canada is still too high but has declined from its peak. As the effects of higher interest rates continue to spread through the economy, and with declines in energy prices and improved supply chains, inflation is projected to fall to around 3% in the middle of 2023 and reach the 2% target in 2024.
Monetary Policy Report – January 2023
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Monetary Policy Report
January 16, 2023
Bank of Canada announces appointment of non-executive Deputy Governor
The Board of Directors of the Bank of Canada today announced the appointment of Nicolas Vincent as the Bank’s new external, non-executive Deputy Governor for a term of two years, effective March 13, 2023.
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Press releases
January 16, 2023
Results from the fourth-quarter 2022 Business Outlook Survey and the Business Leaders’ Pulse surveys from October 2022 through January 2023 show that business sentiment has continued to weaken. As a result of rising interest rates, firms’ sales expectations and investment plans are softening. Capacity pressures have moderated from elevated levels. In this context, firms expect a slower pace of price increases.
Business Outlook Survey—Fourth Quarter of 2022
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Business Outlook Survey
Our interest rate decisions impact households and the #economy at different speeds.
— Bank of Canada (@bankofcanada) December 21, 2022
Bringing inflation down won’t happen overnight, but we’re determined to get inflation back to target, and we will. https://t.co/7Evely7q17 #AskTheBoC #cdnecon pic.twitter.com/5D59DDcktP
Canadian dollar
Market notices
- January 27, 2023 Bank of Canada announces change to maximum bid rate for securities repo operations
- January 16, 2023 CFIF publishes White Paper on the impact of CDOR cessation on Bankers’ Acceptance market
- January 11, 2023 CARR announces development of a Term CORRA benchmark
- January 11, 2023 CARR and TMX launch webcast series on the transition from CDOR
- December 19, 2022 Bank of Canada announces increases to the dealer and round limits for Overnight Repo operations
Upcoming events
- February 7, 2023 Speech: Tiff Macklem, Governor
- February 8, 2023 Publication: Summary of Deliberations
- February 10, 2023 Release: Senior Loan Officer Survey
- February 16, 2023 Speech: Paul Beaudry, Deputy Governor
- February 20, 2023 Family Day