What is the Bank of Canada’s current policy interest rate?
When does the Bank of Canada announce its overnight rate?
When is the next announcement?
What factors did Bank of Canada consider in its latest decision?
Bank of Canada’s Overnight Interest Rate
The Bank of Canada has announced that it is maintaining its record-low key interest rate at 0.25%, where it has remained since March of 2020. The global economic recovery continues following the impacts of COVID-19, being led by consumption. However, some regions are starting to see a moderation following a strong Q3. Inflation rates continue to rise in many countries, including Canada, which the Bank attributed to high demand for goods coupled with ongoing supply-chain issues. The Bank said it expects elevated inflation to persist through the first half of 2022, and is anticipated to ease back to two per cent in the latter half of the year.
The new Omicron variant has resulted in stricter travel restrictions in many countries, a drop in oil prices, and renewed sentiments of uncertainty.
The Bank reiterated its expectation for an interest rate hike in the second or third quarter of 2022.
Bank of Canada’s 2022 Schedule for Policy Interest Rate Announcements
Bank of Canada announces its decision for the overnight rate target eight times a year, typically on a Wednesday. The schedule for 2022 is as follows:
- Wednesday, January 26*
- Wednesday, March 2
- Wednesday, April 13*
- Wednesday, June 1
- Wednesday, July 13*
- Wednesday, September 7
- Wednesday, October 26*
- Wednesday, December 7
*Monetary Policy Report published
The next interest rate announcement and Monetary Policy Report is January 26, 2022.
READ: Bank of Canada Interest Rate Announcement Archives
“Bank of Canada today held its target for the overnight rate…”
Read the release below:
Are you looking to buy or sell? Find our latest new RE/MAX Four Seasons Realty listings here and contact one of our agents who can assist you with all your real estate needs.
Article courtesy of blog.remax.ca.
(705) 445-8500
(705) 445-0589
REALTORS®
Close
Register
Log in
Mortgage calculator
