Current interest rates

The Bank of Canada left its benchmark interest rate unchanged at 1.75 percent on January 22nd 2020, as widely expected. It remained the highest rate since December 2008. Policymakers said that they will be closely monitoring the economy to see if the recent slowdown in growth is more persistent than forecast. The Committee noted that the growth slowdown was related to special factors including strikes, weather and inventory adjustments and projected that the GDP grows 1.6 percent this year and 2 percent in 2021. Policymakers added that the inflation rate is expected to remain around 2 percent over the projection horizon, with some fluctuations from volatility in energy prices. The Bank Rate and deposit rate were also left unchanged at 2.0 percent and 1.50 percent, respectively.

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