Bank of Canada Target Overnight Rate (Canada) - Historical Data
Historical time series of the Bank of Canada Target Overnight Rate set by the Bank of Canada (BOC) from 1960 to 2026. From 1 Jun 1994 onwards: Central Bank target, overnight rate; from 27 Jul 1960 to 31 May 1994: official bank rate. The latest benchmark reading is 2.25% (Sep 2026), corresponding to an ex-post real policy rate of -0.78% after adjusting for Canada headline CPI inflation (3.03%).
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Current Statistics & Historical Records
Latest Reading (Sep 2026)
2.25%
Prev (Aug 2026): 2.25%0.00 pp
Highest Recorded (Aug 1981)
21.07%
Peak monetary tightening by Bank of Canada (Bank of Canada Target Overnight Rate).
Lowest Recorded (Apr 2009)
0.25%
Lowest policy interest rate stance set by Bank of Canada.
Long-Run Mean (1960–2026)
5.37%
67 annual observations · Monthly
Bank of Canada · CAD
Bank of Canada Target Overnight Rate (Canada) (1960-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1960–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) & Bank of Canada (WS_CBPOL:M:CA)
Latest: 2.25% (Sep 2026)
· Real Rate: -0.78%
BOC Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1960–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1960s | 1960–1969 | 4.95% | 8.00% (1969) | 3.24% (1961) |
| 1970s | 1970–1979 | 8.12% | 14.00% (1979) | 4.75% (1971) |
| 1980s | 1980–1989 | 11.23% | 17.26% (1980) | 8.49% (1986) |
| 1990s | 1990–1999 | 5.93% | 11.72% (1990) | 3.00% (1996) |
| 2000s | 2000–2009 | 2.95% | 5.75% (2000) | 0.25% (2009) |
| 2010s | 2010–2019 | 1.05% | 1.75% (2018) | 0.50% (2015) |
| 2020s | 2020–2026 | 2.50% | 5.00% (2023) | 0.25% (2020) |
Complete Annual Historical Ledger (1960–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Bank of Canada (WS_CBPOL:M:CA)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 2.25% | -0.42% | 2.25% – 2.25% | - |
| 2025 | 2.25% | +0.18% | 2.25% – 3.00% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 3.25% | +0.86% | 3.25% – 5.00% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 5.00% | +1.10% | 4.50% – 5.00% | - |
| 2022 | 4.25% | -2.55% | 0.25% – 4.25% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 0.25% | -3.14% | 0.25% – 0.25% | - |
| 2020 | 0.25% | -0.47% | 0.25% – 1.75% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 1.75% | -0.20% | 1.75% – 1.75% | - |
| 2018 | 1.75% | -0.52% | 1.25% – 1.75% | - |
| 2017 | 1.00% | -0.60% | 0.50% – 1.00% | - |
| 2016 | 0.50% | -0.93% | 0.50% – 0.50% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 0.50% | -0.62% | 0.50% – 0.75% | - |
| 2014 | 1.00% | -0.91% | 1.00% – 1.00% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 1.00% | +0.06% | 1.00% – 1.00% | - |
| 2012 | 1.00% | -0.52% | 1.00% – 1.00% | - |
| 2011 | 1.00% | -1.91% | 1.00% – 1.00% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 1.00% | -0.78% | 0.25% – 1.00% | - |
| 2009 | 0.25% | -0.06% | 0.25% – 1.00% | - |
| 2008 | 1.50% | -0.87% | 1.50% – 4.00% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 4.25% | +2.11% | 4.25% – 4.50% | - |
| 2006 | 4.25% | +2.24% | 3.50% – 4.25% | - |
| 2005 | 3.25% | +1.03% | 2.50% – 3.25% | - |
| 2004 | 2.50% | +0.64% | 2.00% – 2.50% | - |
| 2003 | 2.75% | -0.02% | 2.75% – 3.25% | - |
| 2002 | 2.75% | +0.49% | 2.00% – 2.75% | - |
| 2001 | 2.25% | -0.28% | 2.25% – 5.50% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 5.75% | +3.03% | 4.75% – 5.75% | - |
| 1999 | 4.75% | +3.02% | 4.50% – 5.00% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 5.00% | +4.00% | 4.75% – 5.75% | - |
| 1997 | 4.25% | +2.63% | 3.00% – 4.25% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 3.00% | +1.43% | 3.00% – 5.56% | - |
| 1995 | 5.78% | +3.63% | 5.78% – 8.12% | - |
| 1994 | 5.69% | +5.52% | 3.88% – 6.59% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 4.11% | +2.25% | 4.11% – 6.81% | - |
| 1992 | 7.36% | +5.87% | 5.07% – 8.82% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 7.67% | +2.03% | 7.66% – 10.73% | - |
| 1990 | 11.72% | +6.94% | 11.72% – 13.92% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 12.47% | +7.49% | 11.43% – 12.62% | - |
| 1988 | 11.19% | +7.16% | 8.57% – 11.19% | - |
| 1987 | 8.66% | +4.30% | 7.05% – 9.57% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 8.49% | +4.29% | 8.49% – 11.80% | - |
| 1985 | 9.49% | +5.53% | 8.78% – 11.52% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 10.09% | +5.77% | 9.98% – 12.98% | - |
| 1983 | 9.96% | +4.07% | 9.37% – 9.96% | - |
| 1982 | 10.05% | -0.74% | 10.05% – 16.58% | - |
| 1981 | 14.66% | +2.19% | 14.66% – 21.07% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 17.26% | +7.14% | 10.31% – 17.26% | - |
| 1979 | 14.00% | +4.86% | 11.25% – 14.00% | Second oil shock; Paul Volcker appointed Federal Reserve Chair |
| 1978 | 10.75% | +1.78% | 7.50% – 10.75% | - |
| 1977 | 7.50% | -0.46% | 7.50% – 8.50% | - |
| 1976 | 8.50% | +0.91% | 8.50% – 9.50% | - |
| 1975 | 9.00% | -1.69% | 8.25% – 9.00% | - |
| 1974 | 8.75% | -2.22% | 7.25% – 9.25% | First OPEC oil shock triggers global stagflation and steep policy rate hikes |
| 1973 | 7.25% | -0.22% | 4.75% – 7.25% | - |
| 1972 | 4.75% | -0.24% | 4.75% – 4.75% | - |
| 1971 | 4.75% | +2.05% | 4.75% – 6.00% | Nixon Shock suspends USD gold convertibility; Bretton Woods system ends |
| 1970 | 6.00% | +2.64% | 6.00% – 8.00% | - |
| 1969 | 8.00% | +3.44% | 6.50% – 8.00% | - |
| 1968 | 6.50% | +2.44% | 6.00% – 7.50% | - |
| 1967 | 6.00% | +2.42% | 4.50% – 6.00% | - |
| 1966 | 5.25% | +1.44% | 4.75% – 5.25% | Credit crunch of 1966 and monetary tightening |
| 1965 | 4.75% | +2.42% | 4.25% – 4.75% | - |
| 1964 | 4.25% | +2.33% | 4.00% – 4.25% | - |
| 1963 | 4.00% | +2.37% | 3.50% – 4.00% | - |
| 1962 | 4.00% | +2.94% | 3.32% – 6.00% | - |
| 1961 | 3.24% | +2.22% | 2.51% – 3.53% | - |
| 1960 | 3.50% | +2.14% | 1.95% – 4.02% | - |
Frequently Asked Questions - BOC Policy Rate
What is the current Bank of Canada Target Overnight Rate?
As of Sep 2026, the Bank of Canada Target Overnight Rate is 2.25% per annum. Adjusted for headline inflation (3.03%), the ex-post real policy rate in Canada stands at -0.78%.
What was the highest and lowest Bank of Canada interest rate on record?
Across the 1960-2026 archive, the Bank of Canada Target Overnight Rate reached a record high of 21.07% in Aug 1981 and a record low of 0.25% in Apr 2009. The long-run annual mean is 5.37%.
What is the Bank of Canada inflation target?
The Bank of Canada operates with an official inflation target of 2.0% Midpoint (1.0%-3.0% Band). Its statutory mandate is: Preserve the value of money by keeping inflation low, stable, and predictable.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Bank of Canada
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:CA
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 1 Jun 1994 onwards: Central Bank target, overnight rate; from 27 Jul 1960 to 31 May 1994: official bank rate.
- Reporting agency: Bank of Canada; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). Bank of Canada Target Overnight Rate (Canada), compiled from Bank for International Settlements (WS_CBPOL:M:CA). https://centralbankdata.com/bank-of-canada-overnight-rate
BibTeX
@misc{cbd_cbpol_canada,
author = {CentralBankData.com},
title = {Bank of Canada Target Overnight Rate (Canada)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:CA},
year = {2026},
url = {https://centralbankdata.com/bank-of-canada-overnight-rate}
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