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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

Date*Target (%)Change (%)
January 24, 2024 5.00 ---
December 6, 2023 5.00 ---
October 25, 2023 5.00 ---
September 6, 2023 5.00 ---
July 12, 2023 5.00 +0.25
June 7, 2023 4.75 +0.25
April 12, 2023 4.50 ---
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

*As of 2021, a change takes effect the day after its announcement.

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 2024

DatesPublications
January 24 Interest rate announcement and Monetary Policy Report
March 6 Interest rate announcement
April 10 Interest rate announcement and Monetary Policy Report
June 5 Interest rate announcement
July 24 Interest rate announcement and Monetary Policy Report
September 4 Interest rate announcement
October 23 Interest rate announcement and Monetary Policy Report
December 11 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.