Policy Interest Rate

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.

For more information on the policy interest rate, see this explainer.

Recent Data

DateTarget (%)Change (%)
October 27, 2021 0.25 ---
September 8, 2021 0.25 ---
July 14, 2021 0.25 ---
June 9, 2021 0.25 ---
April 21, 2021 0.25 ---
March 10, 2021 0.25 ---
January 20, 2021 0.25 ---
December 9, 2020 0.25 ---
October 28, 2020 0.25 ---
September 9, 2020 0.25 ---
July 15, 2020 0.25 ---
June 3, 2020 0.25 ---

More Data

See also Market Operations Indicators related to the implementation of monetary policy—including the operating band, settlement balances and other Bank of Canada operations.

Schedule for 2021

DatesPublications
January 20 Interest rate announcement and Monetary Policy Report
March 10 Interest rate announcement
April 21 Interest rate announcement and Monetary Policy Report
June 9 Interest rate announcement
July 14 Interest rate announcement and Monetary Policy Report
September 8 Interest rate announcement
October 27 Interest rate announcement and Monetary Policy Report
December 8 Interest rate announcement

Schedule for 2022

DatesPublications
January 26 Interest rate announcement and Monetary Policy Report
March 2 Interest rate announcement
April 13 Interest rate announcement and Monetary Policy Report
June 1 Interest rate announcement
July 13 Interest rate announcement and Monetary Policy Report
September 7 Interest rate announcement
October 26 Interest rate announcement and Monetary Policy Report
December 7 Interest rate announcement
See Blackout Guidelines for communications around fixed announcement dates.

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.