01
1990s–2001
Shift to overnight-rate targeting
The Bank moved from emphasizing Bank Rate toward an explicit overnight-rate operating target.
CA
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OFFICIAL-SOURCE ARCHIVE
Canada · CAD · MONETARY POLICY
Bank of Canada
Interest Rate History
Since 2001, the Bank of Canada’s key policy rate has been the target for the overnight rate. Earlier history used the Bank Rate under several different operating conventions.
CURRENT PHASEEasing-cycle hold
LATEST RATE MOVE−25 bp · Oct 29, 2025
HISTORY LOW*0.25%
HISTORY HIGH*5.00%
LARGEST MOVE*+100 bp
01
Policy-rate path
*Statistics refer to the selected points displayed in this BondStats archive, not necessarily the bank’s all-time extremes.
Selected modern target-rate changes. The official lookup tool provides a longer history and distinguishes older Bank Rate frameworks.22 displayed rate changes
02
Policy regime timeline
02
2008–2015
GFC and post-crisis low rates
Rapid crisis easing was followed by a long period of relatively low policy rates.
03
2020–2021
Pandemic floor
The target fell to 0.25% alongside extraordinary liquidity and asset-purchase measures.
04
2022–2023
Rapid inflation tightening
A forceful hiking cycle took the target to 5.00%.
05
2024–2026
Easing to hold
The Bank cut the target to 2.25% and then held through September 2026.
04
Rate-change archive
Latest first · selected official changes and major transition points
| Date | Policy rate / target | Move | Context |
|---|---|---|---|
| 2026-09-02 | 2.25% | Hold | Latest verified hold |
| 2025-10-29 | 2.25% | -25 bp | Official rate change |
| 2025-09-17 | 2.50% | -25 bp | Official rate change |
| 2025-03-12 | 2.75% | -25 bp | Official rate change |
| 2025-01-29 | 3.00% | -25 bp | Official rate change |
| 2024-12-11 | 3.25% | -50 bp | Official rate change |
| 2024-10-23 | 3.75% | -50 bp | Official rate change |
| 2024-09-04 | 4.25% | -25 bp | Official rate change |
| 2024-07-24 | 4.50% | -25 bp | Official rate change |
| 2024-06-05 | 4.75% | -25 bp | Official rate change |
| 2023-07-12 | 5.00% | +25 bp | Official rate change |
| 2023-06-07 | 4.75% | +25 bp | Official rate change |
| 2023-01-25 | 4.50% | +25 bp | Official rate change |
| 2022-12-07 | 4.25% | +50 bp | Official rate change |
| 2022-10-26 | 3.75% | +50 bp | Official rate change |
| 2022-09-07 | 3.25% | +75 bp | Official rate change |
| 2022-07-13 | 2.50% | +100 bp | Official rate change |
| 2022-06-01 | 1.50% | +50 bp | Official rate change |
| 2022-04-13 | 1.00% | +50 bp | Official rate change |
| 2022-03-02 | 0.50% | +25 bp | Official rate change |
| 2020-03-27 | 0.25% | -50 bp | Pandemic low |
| 2020-03-16 | 0.75% | -50 bp | Official rate change |
| 2020-03-04 | 1.25% | -50 bp | Official rate change |
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