Bank of Canada
Target for the overnight rate
The Bank carries out monetary policy by influencing short-term interest rates. It does this by raising and lowering the target for the overnight rate.The overnight rate is the interest rate at which major financial institutions borrow and lend one-day (or "overnight") funds among themselves; the Bank sets a target level for that rate. This target for the overnight rate is often referred to as the Bank's key interest rate or key policy rate.
Changes in the target for the overnight rate influence other interest rates, such as those for consumer loans and mortgages. They can also affect the exchange rate of the Canadian dollar.
More Info at www.bankofcanada.ca »
| Date | Target (%) | Change (%) |
|---|---|---|
| 19 July 2011 | 1.00 | --- |
| 31 May 2011 | 1.00 | --- |
| 12 April 2011 | 1.00 | --- |
| 1 March 2011 | 1.00 | --- |
| 18 January 2011 | 1.00 | --- |
| 7 December 2010 | 1.00 | --- |
| 19 October 2010 | 1.00 | --- |
| 8 September 2010 | 1.00 | + 0.25 |
| 20 July 2010 | 0.75 | + 0.25 |
Schedule of key interest rate announcements and Monetary Policy Report
Schedule for 2011| Interest rate announcement | Monetary Policy Report |
|---|---|
| 18 January | 19 January |
| 1 March | --- |
| 12 April | 13 April |
| 31 May | --- |
| 19 July | 20 July |
| 7 September | --- |
| 25 October | 26 October |
| 6 December | --- |
| Interest rate announcement | Monetary Policy Report |
|---|---|
| 17 January | 18 January |
| 8 March | --- |
| 17 April | 18 April |
| 5 June | --- |
| 17 July | 18 July |
| 5 September | --- |
| 23 October | 24 October |
| 4 December | --- |