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This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on December 10, 2025.

Governor Tiff Macklem discusses the Bank of Canada’s role in ensuring the stability of money in all its forms, from currency to digital payments. He also outlines how keeping inflation low and stable ensures Canadian money retains its purchasing power.

The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.

Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the monetary policy decision.

The Bank of Canada has announced the five finalist teams in the 2025-26 edition of The Governor’s Challenge, a competition where university students simulate the role of advisor to the Bank’s Governing Council.