Canada: Policy rate

* indicates monthly or quarterly data series
The most recent value is 4.5 percent as of August 2024, no change compared to the previous value of 4.5 percent. Historically, the average for Canada from January 2000 to August 2024 is 2.11 percent. The minimum of 0.25 percent was recorded in April 2009, while the maximum of 5.75 percent was reached in May 2000. Click on the following link to see the values of: Policy rate around the world.
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* indicates monthly or quarterly data series

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Recent values Canada: Policy rate, percent
2024  Aug 4.5
2024  Jul 4.5
2024  Jun 4.75
2024  May 5
2024  Apr 5
2024  Mar 5
2024  Feb 5
2024  Jan 5


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Definition: The interest rate which best captures the monetary authorities' policy intentions. Different countries have different policy interest rates. The most common are the overnight lending rate, discount rate and repurchase rate (of different maturities). In the USA the policy rate is the federal funds rate. The federal funds rate is the interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. The federal funds rate is essentially determined by the market but is influenced by the Federal Reserve through open market operations to reach the federal funds rate target. In the Euro area the policy rate is the main refinancing operations rate. The main refinancing operations (MRO) rate is the interest rate banks pay when they borrow money from the ECB for one week. When they do this, they have to provide collateral to guarantee that the money will be paid back. The policy interest rates determine the levels of the rest of the interest rates in the economy, since it is the price at which private agents (mostly private banks) obtain money from the central bank.

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