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Bank of Canada · Target for the overnight rate

Canada · CAD · Policy rate

The Bank of Canada’s Target for the overnight rate is 2.25 %, last changed on 30 Oct 2025 when it was cut by 25 bp from 2.50 %. The next scheduled decision is on .

2.25 %

Last change
cut −25 bp·
Previous rate
2.50 %
Next decision
Latest observation
Source
BIS + BoC

2.25 % ·

18 Sep 20210.00 – 5.00 %18 Sep 2026

Recent decisions

DateRateChange
2.25 %hold
2.25 %hold
2.25 %hold
2.25 %hold
2.25 %hold
2.25 %hold
2.25 %hold
2.25 %−25 bp
2.50 %−25 bp

Changes are dated by when they took effect; holds by the announcement day.

BoC website ↗

At a glance

Economy
Canada
Currency
CAD
Type
Policy rate
Set by
Bank of Canada
History since
1960
Changes in the last 12 months
1

Questions and answers

What is the current Bank of Canada interest rate?
The Bank of Canada’s Target for the overnight rate is 2.25 %, last changed on 30 Oct 2025 when it was cut by 25 bp from 2.50 %.
When did the Bank of Canada last change its rate?
On 30 Oct 2025, when the Target for the overnight rate was cut by 25 bp to 2.25 % from 2.50 %.
What did the Bank of Canada decide at its last meeting?
On 2 Sep 2026 it held the Target for the overnight rate at 2.25 %.
When is the next Bank of Canada rate decision?
The next scheduled announcement is on 28 Oct 2026.

All changes since 2017

DateRateChange
2.25 %−25 bp
2.50 %−25 bp
2.75 %−25 bp
3.00 %−25 bp
3.25 %−50 bp
3.75 %−50 bp
4.25 %−25 bp
4.50 %−25 bp
4.75 %−25 bp
5.00 %+25 bp
4.75 %+25 bp
4.50 %+25 bp
4.25 %+50 bp
3.75 %+50 bp
3.25 %+75 bp
2.50 %+100 bp
1.50 %+50 bp
1.00 %+50 bp
0.50 %+25 bp
0.25 %−150 bp
1.75 %+25 bp
1.50 %+25 bp
1.25 %+25 bp
1.00 %+25 bp
0.75 %+25 bp

Dates before 2021 are month precision (monthly BIS data).

Other rates in North America

Source: BIS central bank policy rates, Bank of Canada. Latest observation 17 Sep 2026. Refreshed every 30 minutes.