The Bank carries out monetary policy by influencing short-term interest rates. It does this by adjusting the target for the overnight rate on eight fixed dates each year.
<![if (!IE)|(gte IE 9)]><![endif]>
|Date*||Target (%)||Change (%)|
|March 8, 2023||4.50||---|
|January 25, 2023||4.50||+0.25|
|December 7, 2022||4.25||+0.50|
|October 26, 2022||3.75||+0.50|
|September 7, 2022||3.25||+0.75|
|July 13, 2022||2.50||+1.00|
|June 1, 2022||1.50||+0.50|
|April 13, 2022||1.00||+0.50|
|March 2, 2022||0.50||+0.25|
|January 26, 2022||0.25||---|
|December 8, 2021||0.25||---|
|October 27, 2021||0.25||---|
*As of 2021, a change takes effect the day after its announcement.
Schedule for 2023
|January 25||Interest rate announcement and Monetary Policy Report|
|March 8||Interest rate announcement|
|April 12||Interest rate announcement and Monetary Policy Report|
|June 7||Interest rate announcement|
|July 12||Interest rate announcement and Monetary Policy Report|
|September 6||Interest rate announcement|
|October 25||Interest rate announcement and Monetary Policy Report|
|December 6||Interest rate announcement|
Understanding our policy interest rate
At the heart of the Bank of Canada’s monetary policy is the target for the overnight rate. See what it is—and what it means for you.
A history of the key interest rate
Over the years, the Bank of Canada has adjusted the way it sets its key interest rate.