The Bank of Canada left its target for the overnight rate at a record low of 0.25 percent on December 9th 2020, in line with expectations. The bank also maintained its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least CAD 4 billion per week. Policymakers noted that Canada’s economic recovery will continue to require extraordinary monetary policy support while interest rates will remain low until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. This is expected to happen until into 2023. The bank added that it remains committed to providing the monetary policy stimulus needed to support the recovery and achieve the inflation objective. source: Bank of Canada
Interest Rate in Canada averaged 5.83 percent from 1990 until 2020, reaching an all time high of 16 percent in February of 1991 and a record low of 0.25 percent in April of 2009. This page provides - Canada Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
Interest Rate in Canada is expected to be 0.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Canada to stand at 0.25 in 12 months time. In the long-term, the Canada Interest Rate is projected to trend around 0.25 percent in 2021 and 0.50 percent in 2022, according to our econometric models.