The Bank of Canada's next interest rate decision and announcement is due on Wednesday, July 30, 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%, and marks the second consecutive hold following a series of rate cuts totalling 225 basis points since mid-2024.
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, July 30th. This announcement will coincide with the release of the Monetary Policy Report (MPR), which provides the Bank's outlook on inflation and economic growth.
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 June 4, 2025, the Bank of Canada (BoC) has maintained its key interest rate at 2.75%, marking the second consecutive hold after a series of cuts totaling 225 basis points since mid-2024. This decision reflects the Bank's cautious approach amid ongoing economic uncertainties, particularly those arising from recent U.S. trade policies.
While the BoC aims to support economic growth through potential rate cuts, it remains cautious of inflationary pressures arising from increased import costs due to tariffs. The central bank has emphasised a balanced approach, weighing the risks of higher inflation against the need to stimulate the economy.
What date is the next BoC interest rate decision?
The next interest rate decision by the BoC is scheduled for 2025-07-30.
BoC interest rate dates
What is the prediction for the Bank of Canada rate?
As of June 4, 2025, the Bank of Canada (BoC) has kept its key interest rate at 2.75%, marking a second consecutive hold following rate cuts totaling 225 basis points since mid-2024. This cautious stance reflects persistent economic uncertainty, particularly from recent U.S. trade policies. Traders in overnight swaps anticipate the BoC could lower the rate by a further 75 basis points this year, potentially reaching 2.00%, while some economists forecast a policy rate of 2.25% by year-end. Although the Bank is prepared to ease policy further to support growth, it remains mindful of inflation risks stemming from rising import costs due to tariffs, and has stressed the importance of balancing economic stimulus with price stability.
Will the BoC continue to cut rates in 2025?
As of June 4, 2025, the Bank of Canada (BoC) has maintained its target for the overnight rate at 2.75%. This decision reflects the Bank's cautious approach amid ongoing economic uncertainties, particularly those arising from recent U.S. trade policies. Governor Tiff Macklem emphasised the unpredictability of U.S. trade actions as a primary risk, noting inflationary pressures from higher goods prices due to trade disruptions.
While the BoC held rates steady, it signalled the possibility of future cuts if economic conditions weaken further. Analysts anticipate that the Bank may implement additional rate reductions in the second half of 2025, potentially lowering the policy rate to around 2.00%, contingent upon evolving economic conditions and inflationary trends.
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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