BoC Policy Interest Rate - Canada Canadian Central Bank interest rate

This page shows the current and historic values of the Policy Interest Rate (target for the overnight rate) as set by the Canadian Central Bank (Bank of Canada, BoC). The Policy Interest Rate is often regarded as the most important interest rate of the BoC.

The current interest rates of more central banks

Current BoC Policy interest rate
5.00 %
4.75 %
4.50 %
4.25 %
3.75 %
3.25 %
2.50 %
1.50 %
1.00 %
0.50 %

Chart BoC Policy interest rate

Historical interest rates

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Bank of Canada (BoC)

The Bank of Canada (BoC) is the Canadian central bank. The BoC's most important objective is to maintain the value of Canadian money by keeping inflation low and stable.

Check the current and historical inflation in Canada

The bank also strives for a stable, secure currency, financial stability and the most efficient management of public funds and public borrowings possible.

Policy Interest Rate / Key interest rate

When reference is made to the Canadian interest rate this often refers to the Policy Interest Rate. This interest rate is also called the key interest rate or the overnight rate. It is the Canadian base rate at which banks and other financial institutions can borrow money for a period of 1 day (overnight). The Bank of Canada sets a target for the level of the rate: the target for the overnight rate.

If the Canadian central bank has set a new target for the level of the key interest rate this will usually also lead to a change in the interest rates for loans, mortgages and savings. It can also have an effect on the exchange rate of the Canadian dollar.