The Bank of Canada held its overnight rate at 0.5 percent on January 18th, 2017 as widely expected, saying inflation is expected to move close to the 2 percent target in the months ahead while consumption and fiscal measures are expected to support growth in 2017. The Bank Rate was also left on hold at 0.75 percent and the deposit rate at 0.25 percent. In addition, the central bank has upwardly revised forecasts for GDP and inflation. Interest Rate in Canada averaged 5.94 percent from 1990 until 2017, reaching an all time high of 16 percent in February of 1991 and a record low of 0.25 percent in April of 2009. In Canada, benchmark interest rate is set by the Bank of Canada’s (BoC) Governing Council. The official interest rate is the Overnight Rate. Since 1996 the Bank Rate is set at the upper limit of an operating band for the money market overnight rate. Previously, from March 1980 until February 1996 the Bank Rate was set at 25 basis points above the weekly average tender rate for 3-month Treasury bills. This page provides – Canada Interest Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news.