What is the current bank of canada interest rate?

Today’s Bank of Canada interest rate is 3.75 per cent. The Bank of Canada establishes its policy interest rate, or overnight rate, as a means to control inflation. The rate set by the bank establishes the lending rate used by many other financial institutions.

How often does the Bank of Canada raise interest rates?

The Bank of Canada reviews its benchmark interest rate eight times a year and considers both local and international, current and potential influences in their review. Although the Bank of Canada operates independently of the government, it is ultimately responsible to Parliament through the Minister of Finance.

How does the Bank of Canada interest rate affect other financial institutions?

The Bank of Canada establishes its policy interest rate, or overnight rate, as a means to control inflation. The rate set by the bank establishes the lending rate used by many other financial institutions. It affects the interest rate of things like mortgage and lines of credit used by your personal bank.

What is the difference between the CERI and CEER?

The Canadian-Dollar Effective Exchange Rate index (CERI) was replaced by the Canadian Effective Exchange Rate index (CEER) as of January 2018. Updated if and when the Bank intervenes in foreign exchange markets.