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Bank of Canada policy-rate history

Canada's Overnight rate target. The page separates the rate's effective date, source coverage, successful retrieval time and official decision evidence.

Updated Overnight rate target effective 30 Oct 2025

Official BoC siteMethodology

Overnight rate target

2.25%

Direct source observation

Previous observation

2.50%

Effective 18 Sept 2025

Last verified change

-0.25 pp (-25 bp)

cut effective 30 Oct 2025

Next meeting

28 Oct 2026

Scheduled monetary policy decision

Latest data: Sep 24, 2026 · This update may be older than usual.

Rate effective 30 Oct 2025 (Source observation date). Currency: CAD.

Source observations run through 24 Sept 2026. This coverage date may precede the effective date or retrieval time.

Previous 12 months

Complete twelve-month coverage is available. Counts include verified transitions in the available period.

Verified changes

1

0 hikes · 1 cuts · 0 source-confirmed holds

Net rate change

-0.25 pp (-25 bp)

Year-over-year difference -0.25 pp (-25 bp)

Highest observed rate

2.50%

18 Sept 2025

Lowest observed rate

2.25%

30 Oct 2025

Days since last change

333

Based on a verified rate transition

Meeting time zone: America/Toronto. Calendar last verified 25 Sept 2026, 13:49 UTC. Bank of Canada policy announcement schedule

Meeting-calendar updates are temporarily paused. The date shown may not include a recent official revision.

Policy-rate history

Historical observations use the published instrument and source dates shown below. Coverage begins 1 Jun 1994.

Bank of Canada policy-rate historyObservations from 12 Jul 2017 to 30 Oct 2025. The line uses Overnight rate target in basis points, spaces points by UTC effective date and holds each rate until the next observation.12 Jul 201730 Oct 2025
Time follows actual effective dates; steps hold the published policy instrument to the next observation, in basis points.
Dated official policy-rate observations for Bank of Canada
Effective dateDate basisPublished rateObserved throughRetrievedSourceStatus
30 Oct 2025Source observation date2.25%24 Sept 202628 Sept 2026, 03:34 UTCBank of CanadaDirect source
18 Sept 2025Source observation date2.50%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
13 Mar 2025Source observation date2.75%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
30 Jan 2025Source observation date3.00%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
12 Dec 2024Source observation date3.25%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
24 Oct 2024Source observation date3.75%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
5 Sept 2024Source observation date4.25%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
25 Jul 2024Source observation date4.50%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
6 Jun 2024Source observation date4.75%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
13 Jul 2023Source observation date5.00%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
8 Jun 2023Source observation date4.75%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
26 Jan 2023Source observation date4.50%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
8 Dec 2022Source observation date4.25%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
27 Oct 2022Source observation date3.75%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
8 Sept 2022Source observation date3.25%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
14 Jul 2022Source observation date2.50%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
2 Jun 2022Source observation date1.50%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
14 Apr 2022Source observation date1.00%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
3 Mar 2022Source observation date0.50%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
27 Mar 2020Source observation date0.25%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
16 Mar 2020Source observation date0.75%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
4 Mar 2020Source observation date1.25%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
24 Oct 2018Source observation date1.75%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
11 Jul 2018Source observation date1.50%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
17 Jan 2018Source observation date1.25%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
6 Sept 2017Source observation date1.00%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source
12 Jul 2017Source observation date0.75%Unavailable28 Sept 2026, 03:34 UTCBank of CanadaDirect source

Policy changes

Decision labels identify whether the source stated the outcome or the rate history implies a transition.

Dated central-bank policy changes and official source links
EffectiveDecisionPreviousNew rateChangeEvidenceSource
30 Oct 2025cut2.50%2.25%-0.25 pp (-25 bp)Historical comparisonBank of Canada
18 Sept 2025cut2.75%2.50%-0.25 pp (-25 bp)Historical comparisonBank of Canada
13 Mar 2025cut3.00%2.75%-0.25 pp (-25 bp)Historical comparisonBank of Canada
30 Jan 2025cut3.25%3.00%-0.25 pp (-25 bp)Historical comparisonBank of Canada
12 Dec 2024cut3.75%3.25%-0.50 pp (-50 bp)Historical comparisonBank of Canada
24 Oct 2024cut4.25%3.75%-0.50 pp (-50 bp)Historical comparisonBank of Canada
5 Sept 2024cut4.50%4.25%-0.25 pp (-25 bp)Historical comparisonBank of Canada
25 Jul 2024cut4.75%4.50%-0.25 pp (-25 bp)Historical comparisonBank of Canada
6 Jun 2024cut5.00%4.75%-0.25 pp (-25 bp)Historical comparisonBank of Canada
13 Jul 2023hike4.75%5.00%+0.25 pp (+25 bp)Historical comparisonBank of Canada
8 Jun 2023hike4.50%4.75%+0.25 pp (+25 bp)Historical comparisonBank of Canada
26 Jan 2023hike4.25%4.50%+0.25 pp (+25 bp)Historical comparisonBank of Canada
8 Dec 2022hike3.75%4.25%+0.50 pp (+50 bp)Historical comparisonBank of Canada
27 Oct 2022hike3.25%3.75%+0.50 pp (+50 bp)Historical comparisonBank of Canada
8 Sept 2022hike2.50%3.25%+0.75 pp (+75 bp)Historical comparisonBank of Canada
14 Jul 2022hike1.50%2.50%+1.00 pp (+100 bp)Historical comparisonBank of Canada
2 Jun 2022hike1.00%1.50%+0.50 pp (+50 bp)Historical comparisonBank of Canada
14 Apr 2022hike0.50%1.00%+0.50 pp (+50 bp)Historical comparisonBank of Canada
3 Mar 2022hike0.25%0.50%+0.25 pp (+25 bp)Historical comparisonBank of Canada
27 Mar 2020cut0.75%0.25%-0.50 pp (-50 bp)Historical comparisonBank of Canada
16 Mar 2020cut1.25%0.75%-0.50 pp (-50 bp)Historical comparisonBank of Canada
4 Mar 2020cut1.75%1.25%-0.50 pp (-50 bp)Historical comparisonBank of Canada
24 Oct 2018hike1.50%1.75%+0.25 pp (+25 bp)Historical comparisonBank of Canada
11 Jul 2018hike1.25%1.50%+0.25 pp (+25 bp)Historical comparisonBank of Canada
17 Jan 2018hike1.00%1.25%+0.25 pp (+25 bp)Historical comparisonBank of Canada
6 Sept 2017hike0.75%1.00%+0.25 pp (+25 bp)Historical comparisonBank of Canada

Data basis: Official overnight rate target. Comparison series: BIS central-bank policy rate series where direct historical coverage is unavailable..

BoC policy-rate history | Squawkdeck