Bank of Canada (BOC) Interest Rate Decision
The Bank of Canada (BOC) Interest Rate Decision is the decision made by the Bank of Canada’s Governing Council on the level of the target for the overnight rate. The overnight rate is the interest rate at which major financial institutions borrow and lend one-day (or overnight) funds among themselves. The Bank of Canada’s Governing Council sets a target level for the overnight rate and announces its decision eight times a year. The Bank of Canada’s Governing Council also sets the Bank Rate, which is the rate at which the Bank of Canada lends funds to financial institutions.
History of the Bank of Canada Interest Rate Decision
The Bank of Canada was established in 1934 as a privately owned institution. It was created to provide financial stability and promote economic growth in Canada. The Bank of Canada’s Governing Council was established in 1935 and is responsible for setting the target for the overnight rate. The Bank of Canada’s Governing Council has been setting the target for the overnight rate since the 1950s. The Bank of Canada’s Governing Council sets the target for the overnight rate in order to achieve its inflation target and to maintain financial stability in Canada.
The Bank of Canada’s Governing Council sets the target for the overnight rate in order to influence the level of economic activity in Canada. The Bank of Canada’s Governing Council sets the target for the overnight rate in order to achieve its inflation target and to maintain financial stability in Canada. The Bank of Canada’s Governing Council sets the target for the overnight rate in order to influence the level of economic activity in Canada. The Bank of Canada’s Governing Council sets the target for the overnight rate in order to achieve its inflation target and to maintain financial stability in Canada.
Table of Comparisons
| Date | Overnight Rate | Bank Rate |
|---|---|---|
| January 1, 2020 | 1.75% | 2.00% |
| April 1, 2020 | 0.25% | 0.50% |
| July 1, 2020 | 0.25% | 0.50% |
| October 1, 2020 | 0.25% | 0.50% |
Summary
The Bank of Canada’s Governing Council sets the target for the overnight rate in order to achieve its inflation target and to maintain financial stability in Canada. The Bank of Canada’s Governing Council sets the target for the overnight rate in order to influence the level of economic activity in Canada. The Bank of Canada’s Governing Council sets the target for the overnight rate in order to achieve its inflation target and to maintain financial stability in Canada. The Bank of Canada’s Governing Council sets the target for the overnight rate in order to influence the level of economic activity in Canada.
For more information about the Bank of Canada’s Interest Rate Decision, please visit the Bank of Canada’s website at https://www.bankofcanada.ca/rates/interest-rates/.
See Also
- Inflation Target
- Monetary Policy
- Overnight Rate
- Bank Rate
- Financial Stability
- Economic Activity
- Interest Rates
- Central Bank
- Monetary Policy Framework
- Monetary Policy Report
