The Bank of Canada's next interest rate decision and announcement is due on Wednesday, April 16, 2025 at 13:45 UTC.
The Bank of Canada (BoC) announces its "key" interest rate (the overnight rate) and any decisions related to its monetary policy on eight fixed dates per year.
The BoC's key interest rate was formerly the Bank Rate. While the Bank Rate still exists, and is now set at the upper limit of the operating band, different methods have been used to determine and set it in the past.
What is the current BoC interest rate?
The Bank of Canada's current target for the overnight rate (the policy interest rate) is set at 2.75%. This target rate has been in place since March, 2025, following a 25 basis point reduction from 3.00%.
For the latest Canadian Overnight Repo Rate Average (CORRA), please see the Bank of Canada's website.
What date is the next Bank of Canada rate announcement?
The Bank of Canada's next interest rate announcement is due on Wednesday, April 16th.
See below for all the BoC's scheduled rate announcements in 2025:
- Wednesday, 29 January 2025
- Wednesday, 12 March 2025
- Wednesday, 16 April 2025
- Wednesday, 4 June 2025
- Wednesday, 30 July 2025
- Wednesday, 17 September 2025
- Wednesday, 29 October 2025
- Wednesday, 10 December 2025
These scheduled announcements typically occur every six to seven weeks. During each meeting, the BoC's Governing Council evaluates economic conditions, inflation trends, and other financial indicators to determine whether to raise, lower, or maintain the benchmark overnight rate.
What time is Bank of Canada interest rate announcement?
Eight scheduled times a year, the Bank of Canada announces its overnight rate target at 09:45 ET (13:45 UTC).
How often does the Bank of Canada review rates?
The Bank of Canada (BoC) reviews its interest rates eight times per year on a predetermined schedule. These announcements occur approximately every six to seven weeks.
However, The BoC can also hold emergency reviews to adjust interest rates outside the normal schedule in response to unexpected economic shocks, such as the COVID-19 pandemic in 2020. During each review, the BoC's Governing Council assesses economic conditions, inflation trends, and financial stability before deciding whether to raise, lower, or maintain the target for the overnight rate.
BoC interest rate history
See below for historical interest rate data, showing how the BoC's policy interest rate has changed over recent years.
*As of 2021, a change takes effect the day after its announcement.
What is the BoC interest rate forecast?
As of March 12, 2025, the Bank of Canada (BoC) has reduced its target for the overnight rate by 25 basis points, bringing it to 2.75%. This decision, marking the seventh consecutive rate cut, aims to counteract economic challenges arising from escalating trade tensions with the United States.
Looking ahead, the BoC has signalled a cautious approach to further rate adjustments, emphasising the need to weigh the impact of tariffs on inflation and growth.
However, currency markets are betting that the chances of another rate cut of 25 basis points at the bank's next announcement on April 16 are around 45%.
What date is the next BoC interest rate decision?
The next interest rate decision by the BoC is scheduled for 2025-04-16.
BoC interest rate dates
What is the prediction for the Bank of Canada rate?
In regards to rate predictions, the Bank of Canada (BoC) has indicated a cautious stance on future rate adjustments, highlighting the importance of balancing the effects of tariffs on inflation and economic growth.
In a statement on its website, the BoC said "the Bank is committed to maintaining price stability for Canadians", however monetary policy cannot offset the impacts of a trade war. With some economists believing that further rates could be dependent on the trade war and how consumer prices react to it.
Markets estimate a 45% likelihood of a 25 basis point rate cut at the Bank's next announcement on 2025-04-16.
Will the BoC continue to cut rates in 2025?
Bank of Canada Governor, Tiff Macklem, has stated that senior officials will "proceed carefully with any further changes to our policy rate”, indictaing that while the BoC has proactively reduced interest rates to mitigate the impact of trade-related uncertainties, future rate cuts and monetary policy decisions will be carefully evaluated in response to evolving economic conditions.
Nonetheless, currency markets estimate a 45% probability of another 25 basis point rate cut at the Bank's next announcement on April 16.
Should we expect rate increases in 2025?
Analysis suggests that the Bank of Canada is likely to implement further interest rate reductions in 2025, influenced by ongoing trade uncertainties, particularly potential U.S. tariffs on Canadian goods, which pose risks to Canada's economic growth. Therefore it is likely there will not be rate increases in 2025.
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