Bank of Canada Interest Rate Today

The Bank of Canada's policy interest rate (the target for the overnight rate) is 2.25%. The Bank last cut it by 0.25 point with effect from 30 October 2025. That was the 9th cut in a row since June 2024, worth 2.75 points in all. CORRA, the overnight rate banks actually paid, was 2.24% on 23 October 2026. Consumer prices rose 3.1% in the 12 months to September 2026, so the real policy rate is minus 0.84%. Silver in Canadian dollars is up 13.8% since that decision. Next decision: Wednesday 28 October 2026 at 9:45 am Eastern.

Policy interest rate

2.25%

−25 bp on Oct 30, 2025

CORRA

2.24%

Oct 23, 2026

CPI inflation

3.1%

Sep 2026 · real rate −0.84%

Next decision

Wed 28 Oct

9:45 am ET · in 2 days

Silver in C$ since last move

+13.8%

C$75.55/oz · US$1 = C$1.4025

Bank of Canada rate and silver in Canadian dollars since 1996

weekly · silver on a log scale (right)

Policy interest rateCORRA (from August 1997)Silver in C$ (right scale)

Rate Cycles Since 1996 and Silver in Canadian Dollars

Runs of Bank of Canada hikes or cuts, and how silver did in C$ (our calculations).

Cycle	From → to	Moves	Silver during	12 months after the first move
Cuts Jun 2024–Oct 2025	5.00% → 2.25%	9 (−275 bp)	+65.1%	+20.2%
Hikes Mar 2022–Jul 2023	0.25% → 5.00%	10 (+475 bp)	+1.9%	−10.0%
Cuts Mar 2020	1.75% → 0.25%	3 (−150 bp)	−11.0%	+40.4%
Hikes Jul 2017–Oct 2018	0.50% → 1.75%	5 (+125 bp)	−6.9%	+2.4%
Cuts Jan 2015–Jul 2015	1.00% → 0.50%	2 (−50 bp)	−10.2%	−7.6%
Hikes Jun 2010–Sep 2010	0.25% → 1.00%	3 (+75 bp)	+7.0%	+90.2%
Cuts Dec 2007–Apr 2009	4.50% → 0.25%	10 (−425 bp)	+8.2%	−13.4%
Hikes Sep 2004–Jul 2007	2.00% → 4.50%	10 (+250 bp)	+59.9%	−1.3%
Cuts Jul 2003–Apr 2004	3.25% → 2.00%	5 (−125 bp)	+59.1%	+30.4%
Hikes Apr 2002–Apr 2003	2.00% → 3.25%	5 (+125 bp)	−9.0%	−9.6%
Cuts Jan 2001–Jan 2002	5.75% → 2.00%	10 (−375 bp)	+1.6%	−4.2%
Hikes Nov 1999–May 2000	4.50% → 5.75%	4 (+125 bp)	+0.7%	−4.2%
Cuts Sep 1998–May 1999	5.75% → 4.50%	5 (−125 bp)	−0.3%	+7.8%
Hikes Jun 1997–Aug 1998	3.00% → 5.75%	6 (+275 bp)	+15.6%	+19.4%

"During": from the close before the first move took effect to the close on the last move. "12 months after": from the close before the first move. Silver in C$ is the COMEX close times the Bank of Canada USD/CAD rate (monthly average before May 2007). Past cycles are not a forecast; compare the US: Fed funds rate.

Latest Daily Rates

Date	Policy rate	CORRA	CORRA − policy	USD/CAD
Oct 23, 2026	2.25%	2.24%	−1 bp	1.3993
Oct 22, 2026	2.25%	2.25%	0 bp	1.4021
Oct 21, 2026	2.25%	2.25%	0 bp	1.4057
Oct 20, 2026	2.25%	2.25%	0 bp	1.4054
Oct 19, 2026	2.25%	2.26%	1 bp	1.4097
Oct 16, 2026	2.25%	2.26%	1 bp	1.4154
Oct 15, 2026	2.25%	2.27%	2 bp	1.4196
Oct 14, 2026	2.25%	2.27%	2 bp	1.4263
Oct 13, 2026	2.25%	2.28%	3 bp	1.4222
Oct 9, 2026	2.25%	2.28%	3 bp	1.4271

Year by Year

Year	Average CORRA	Policy rate at year-end	CPI inflation	Silver in C$ that year
2026 (so far)	2.28%	2.25%	3.1%	−21.6%
2025	2.72%	2.25%	2.4%	+130.8%
2024	4.59%	3.25%	1.8%	+32.0%
2023	4.75%	5.00%	3.4%	−2.4%
2022	1.89%	4.25%	6.3%	+9.3%
2021	0.17%	0.25%	4.8%	−11.8%
2020	0.53%	0.25%	0.7%	+44.8%
2019	1.75%	1.75%	2.2%	+10.0%
2018	1.40%	1.75%	2.0%	−0.8%
2017	0.69%	1.00%	1.9%	−0.6%
2016	0.51%	0.50%	1.5%	+11.5%
2015	0.66%	0.50%	1.6%	+5.8%
2014	1.00%	1.00%	1.5%	−12.2%
2013	1.01%	1.00%	1.2%	−30.9%
2012	1.01%	1.00%	0.8%	+4.0%
2011	1.00%	1.00%	2.3%	−5.9%
2010	0.58%	1.00%	2.4%	+71.3%
2009	0.42%	0.25%	1.3%	+34.6%
2008	3.04%	1.50%	1.2%	−9.4%
2007	4.34%	4.25%	2.4%	−1.9%
2006	3.99%	4.25%	1.7%	+45.1%
2005	2.63%	3.25%	2.1%	+23.3%
2004	2.26%	2.50%	2.1%	+6.1%
2003	2.94%	2.75%	2.1%	+7.6%
2002	2.45%	2.75%	3.8%	+2.1%
2001	4.26%	2.25%	0.7%	+2.3%
2000	5.49%	5.75%	3.2%	−11.2%
1999	4.77%	4.75%	2.6%	+1.6%
1998	4.95%	5.00%	1.0%	−9.4%
1997 (from Aug)	3.62%	4.25%	0.8%	+31.3%

CPI inflation: December over December (this year: the latest month over 12 months earlier), all-items, not seasonally adjusted. Silver change: last close of the year in Canadian dollars against the year before.

Every Bank of Canada rate change since 1996 (87)

Effective	New rate	Change	Silver in C$ that day	1 month later
Oct 30, 2025	2.25%	−25 bp	C$67.74	+18.8%
Sep 18, 2025	2.50%	−25 bp	C$57.54	+21.9%
Mar 13, 2025	2.75%	−25 bp	C$49.06	−8.3%
Jan 30, 2025	3.00%	−25 bp	C$46.65	0.0%
Dec 12, 2024	3.25%	−50 bp	C$44.31	−2.7%
Oct 24, 2024	3.75%	−50 bp	C$46.53	−6.0%
Sep 5, 2024	4.25%	−25 bp	C$38.81	+14.5%
Jul 25, 2024	4.50%	−25 bp	C$38.43	+0.3%
Jun 6, 2024	4.75%	−25 bp	C$42.76	+4.3%
Jul 13, 2023	5.00%	+25 bp	C$32.52	−4.2%
Jun 8, 2023	4.75%	+25 bp	C$32.41	−2.1%
Jan 26, 2023	4.50%	+25 bp	C$31.94	−11.2%
Dec 8, 2022	4.25%	+50 bp	C$31.32	+3.7%
Oct 27, 2022	3.75%	+50 bp	C$26.39	+8.5%
Sep 8, 2022	3.25%	+75 bp	C$24.04	+16.0%
Jul 14, 2022	2.50%	+100 bp	C$23.87	+6.4%
Jun 2, 2022	1.50%	+50 bp	C$28.03	−8.7%
Apr 14, 2022	1.00%	+50 bp	C$32.37	−17.1%
Mar 3, 2022	0.50%	+25 bp	C$31.92	−3.4%
Mar 27, 2020	0.25%	−50 bp	C$20.38	+3.7%
Mar 16, 2020	0.75%	−50 bp	C$17.83	+9.4%
Mar 4, 2020	1.25%	−50 bp	C$23.02	−10.8%
Oct 24, 2018	1.75%	+25 bp	C$19.04	−2.5%
Jul 11, 2018	1.50%	+25 bp	C$20.69	−4.7%
Jan 17, 2018	1.25%	+25 bp	C$21.25	−1.5%
Sep 6, 2017	1.00%	+25 bp	C$21.89	−4.6%
Jul 12, 2017	0.75%	+25 bp	C$20.34	+5.9%
Jul 15, 2015	0.50%	−25 bp	C$19.49	+1.9%
Jan 21, 2015	0.75%	−25 bp	C$22.42	−6.5%
Sep 8, 2010	1.00%	+25 bp	C$20.74	+10.7%
Jul 20, 2010	0.75%	+25 bp	C$18.47	+1.5%
Jun 1, 2010	0.50%	+25 bp	C$19.18	+2.0%
Apr 21, 2009	0.25%	−25 bp	C$15.00	+9.1%
Mar 3, 2009	0.50%	−50 bp	C$16.41	−6.3%
Jan 20, 2009	1.00%	−50 bp	C$14.27	+28.2%
Dec 9, 2008	1.50%	−75 bp	C$12.39	+9.4%
Oct 21, 2008	2.25%	−25 bp	C$12.03	+0.5%
Oct 8, 2008	2.50%	−50 bp	C$13.11	−6.9%
Apr 22, 2008	3.00%	−50 bp	C$17.62	−2.3%
Mar 4, 2008	3.50%	−50 bp	C$20.23	−11.5%
Jan 22, 2008	4.00%	−25 bp	C$15.96	+11.9%
Dec 4, 2007	4.25%	−25 bp	C$14.40	+10.1%
Jul 10, 2007	4.50%	+25 bp	C$13.42	+0.1%
May 24, 2006	4.25%	+25 bp	C$14.20	−21.3%
Apr 25, 2006	4.00%	+25 bp	C$14.26	−4.6%
Mar 7, 2006	3.75%	+25 bp	C$11.57	+17.7%
Jan 24, 2006	3.50%	+25 bp	C$10.42	+6.1%
Dec 6, 2005	3.25%	+25 bp	C$9.98	+2.5%
Oct 18, 2005	3.00%	+25 bp	C$9.16	+3.5%
Sep 7, 2005	2.75%	+25 bp	C$8.27	+8.4%
Oct 19, 2004	2.50%	+25 bp	C$8.68	+3.4%
Sep 8, 2004	2.25%	+25 bp	C$7.96	+6.2%
Apr 13, 2004	2.00%	−25 bp	C$10.55	−29.0%
Mar 2, 2004	2.25%	−25 bp	C$9.11	+24.5%
Jan 20, 2004	2.50%	−25 bp	C$8.28	+6.9%
Sep 3, 2003	2.75%	−25 bp	C$6.79	−3.6%
Jul 15, 2003	3.00%	−25 bp	C$6.60	+5.7%
Apr 15, 2003	3.25%	+25 bp	C$6.59	+3.2%
Mar 4, 2003	3.00%	+25 bp	C$6.91	−5.9%
Jul 16, 2002	2.75%	+25 bp	C$7.88	−9.4%
Jun 4, 2002	2.50%	+25 bp	C$7.83	−2.2%
Apr 16, 2002	2.25%	+25 bp	C$7.05	−0.7%
Jan 15, 2002	2.00%	−25 bp	C$7.30	−2.2%
Nov 27, 2001	2.25%	−50 bp	C$6.48	+10.5%
Oct 23, 2001	2.75%	−75 bp	C$6.65	−2.0%
Sep 17, 2001	3.50%	−50 bp	C$6.73	+2.8%
Aug 28, 2001	4.00%	−25 bp	C$6.48	+11.4%
Jul 17, 2001	4.25%	−25 bp	C$6.46	−1.5%
May 29, 2001	4.50%	−25 bp	C$6.97	−6.1%
Apr 17, 2001	4.75%	−25 bp	C$6.87	−1.3%
Mar 6, 2001	5.00%	−50 bp	C$6.89	−1.2%
Jan 23, 2001	5.50%	−25 bp	C$7.23	−5.8%
May 17, 2000	5.75%	+50 bp	C$7.54	−0.5%
Mar 22, 2000	5.25%	+25 bp	C$7.49	+1.7%
Feb 3, 2000	5.00%	+25 bp	C$7.55	−3.0%
Nov 17, 1999	4.75%	+25 bp	C$7.59	+2.4%
May 4, 1999	4.50%	−25 bp	C$7.79	−9.5%
Mar 31, 1999	4.75%	−25 bp	C$7.63	+2.4%
Nov 18, 1998	5.00%	−25 bp	C$7.64	0.0%
Oct 16, 1998	5.25%	−25 bp	C$7.66	+4.2%
Sep 29, 1998	5.50%	−25 bp	C$8.15	−0.2%
Aug 27, 1998	5.75%	+100 bp	C$7.65	+3.5%
Jan 30, 1998	4.75%	+50 bp	C$8.72	+5.5%
Dec 12, 1997	4.25%	+50 bp	C$8.37	−4.2%
Nov 25, 1997	3.75%	+25 bp	C$7.42	+19.3%
Oct 1, 1997	3.50%	+25 bp	C$7.17	−7.4%
Jun 26, 1997	3.25%	+25 bp	C$6.59	−10.3%

Effective dates: until 2020 a new rate applied from the day it was announced; since 2021 it applies from the next day. Unscheduled moves (September 2001, October 2008, March 2020) are included. The series starts on 8 November 1996, at 3.00%.

Bank of Canada Rate: FAQ

What is the Bank of Canada interest rate today?

The policy interest rate is 2.25%, in force since 30 October 2025. It is the Bank's target for the overnight rate; banks borrow from the Bank at 0.25 point above it and earn 0.25 point below it on deposits, which keeps the market rate close to the target. CORRA was 2.24% on 23 October 2026.

When is the next Bank of Canada rate decision?

The next announcement is on Wednesday 28 October 2026 at 9:45 am Eastern time. The Bank announces eight times a year; the remaining dates are 9 Dec 2026, 27 Jan 2027, 3 Mar 2027, 28 Apr 2027. A new rate takes effect the next day.

What is CORRA?

The Canadian Overnight Repo Rate Average: what banks and dealers pay for overnight loans backed by Government of Canada bonds and treasury bills, calculated by the Bank of Canada each business day. It sits very close to the policy rate and has replaced CDOR as the benchmark for Canadian dollar loans and derivatives.

How do Bank of Canada rates affect the silver price in Canada?

Silver is priced in US dollars, so the Bank of Canada matters mostly through the Canadian dollar: when it cuts rates faster than the US Federal Reserve, the loonie tends to weaken and silver costs more in Canadian dollars. Lower rates also reduce what savers give up by holding silver rather than deposits. The cycle table above shows how silver did in Canadian dollars during each run of hikes or cuts since 1996.

What is the real interest rate in Canada?

Taking the policy rate (2.25%) minus CPI inflation over the last 12 months (3.1% to September 2026) gives minus 0.84%. A negative real rate means cash in the bank loses buying power, historically a supportive backdrop for silver.

Where do the figures come from?

The policy rate, CORRA and the US dollar exchange rate are from the Bank of Canada (Valet API); the consumer price index is from Statistics Canada (table 18-10-0004-01). Silver in Canadian dollars is our calculation: the COMEX close in US dollars times the Bank of Canada exchange rate that day (the monthly average before May 2007).

Source: Bank of Canada (policy interest rate, CORRA and exchange rates, via the Valet API), adapted by Corgano: we show the rate changes on their effective dates, weekly points in the chart and our own averages. The Bank of Canada does not endorse Corgano. Its exchange rates are indicative only. See the Bank of Canada's policy interest rate page and its terms of use. Policy rate before 2009 from Statistics Canada (v39079). Inflation: adapted from Statistics Canada, Consumer Price Index, monthly, not seasonally adjusted (table 18-10-0004-01), September 2026; exchange rates before May 2007: Statistics Canada v37426 (monthly average). This does not constitute an endorsement by Statistics Canada of this product. Used under the Statistics Canada Open Licence. Silver prices are COMEX front-month futures closes; prices in Canadian dollars, cycle and yearly changes and the real rate are Corgano's calculations.

Cite this page

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APA 7

Corgano. (2026, October 26). Bank of Canada interest rate today. Corgano Silver Price. Retrieved October 26, 2026, from https://silverprice.corgano.com/bank-of-canada-rate

MLA 9

“Bank of Canada Interest Rate Today.” Corgano Silver Price, silverprice.corgano.com/bank-of-canada-rate. Accessed 26 Oct. 2026.

Chicago

Corgano. “Bank of Canada Interest Rate Today.” Corgano Silver Price. Accessed October 26, 2026. https://silverprice.corgano.com/bank-of-canada-rate.

BibTeX

@misc{corgano2026bankofcanadainterest, author = {{Corgano}}, title = {Bank of Canada Interest Rate Today}, howpublished = {\url{https://silverprice.corgano.com/bank-of-canada-rate}}, year = {2026}, note = {Corgano Silver Price, accessed 2026-10-26}}

Link

Bank of Canada Interest Rate Today — Corgano Silver Price: https://silverprice.corgano.com/bank-of-canada-rate