Bank of Canada policy rate (target for the overnight rate), Canada
Bank of Canada policy rate (target for the overnight rate) was 2.25% in September 2026, unchanged from August 2026 and down 0.25 pp from a year earlier. The figure is published by Bank of Canada in Valet V39079. The series starts in April 2009 and has 210 observations. Source: Bank of Canada.
- On the previous reading (August 2026): unchanged, to 2.25%
- On a year earlier (September 2025): down 0.25 pp
- Against the five-year average of 3.14%: below
Sparklines: the last ten years; the amber dot marks the reading in the tile. Source: Bank of Canada. Monthly figures are EconoMonitor calculations from the Bank's daily data. This information is available free of charge on bankofcanada.ca. EconoMonitor is not affiliated with or endorsed by the Bank of Canada.
Overview
Over the last five years the series ranged from 0.25% (September 2021) to 5.00% (July 2023). Since April 2009 the full range is 0.25% (April 2009) to 5.00% (July 2023).
Key facts
| Reading | Period | Value |
|---|---|---|
| Latest | September 2026 | 2.25% |
| Previous | August 2026 | 2.25% |
| A year earlier | September 2025 | 2.50% |
| Five-year high | July 2023 | 5.00% |
| Five-year low | September 2021 | 0.25% |
| First observation | April 2009 | 0.25% |
Unit: percent. Source: Bank of Canada. Monthly figures are EconoMonitor calculations from the Bank's daily data. This information is available free of charge on bankofcanada.ca. EconoMonitor is not affiliated with or endorsed by the Bank of Canada.
How has it moved since April 2009?
Full history
- Bank of Canada policy rate (target for the overnight rate) 2.2%
Last five years
- Bank of Canada policy rate (target for the overnight rate) 2.2%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| September 2025 | 2.50% | -0.25 pp |
| October 2025 | 2.25% | -0.25 pp |
| November 2025 | 2.25% | 0.00 pp |
| December 2025 | 2.25% | 0.00 pp |
| January 2026 | 2.25% | 0.00 pp |
| February 2026 | 2.25% | 0.00 pp |
| March 2026 | 2.25% | 0.00 pp |
| April 2026 | 2.25% | 0.00 pp |
| May 2026 | 2.25% | 0.00 pp |
| June 2026 | 2.25% | 0.00 pp |
| July 2026 | 2.25% | 0.00 pp |
| August 2026 | 2.25% | 0.00 pp |
| September 2026 | 2.25% | 0.00 pp |
How does the latest reading compare?
The latest reading of 2.25% in September 2026 is below its five-year average of 3.14% and above its ten-year average of 2.04%. It is higher than 76% of all 210 readings since April 2009. Over the last 12 readings, from October 2025 to September 2026, it averaged 2.25%, with a high of 2.25% in October 2025 and a low of 2.25% in October 2025. In the last ten years the largest rise from one reading to the next was in July 2022, to 2.50% from 1.50% in June 2022, and the largest fall was in March 2020, to 0.25% from 1.75% in February 2020.
Among the last 9 complete years, the average was highest in 2023, at 4.77%, and lowest in 2021, at 0.25%.
Year by year
| Year | Average | Low | High | Last reading | Readings |
|---|---|---|---|---|---|
| 2026 | 2.25% | 2.25% | 2.25% | 2.25% September 2026 | 9 |
| 2025 | 2.65% | 2.25% | 3.00% | 2.25% December 2025 | 12 |
| 2024 | 4.48% | 3.25% | 5.00% | 3.25% December 2024 | 12 |
| 2023 | 4.77% | 4.50% | 5.00% | 5.00% December 2023 | 12 |
| 2022 | 2.04% | 0.25% | 4.25% | 4.25% December 2022 | 12 |
| 2021 | 0.25% | 0.25% | 0.25% | 0.25% December 2021 | 12 |
| 2020 | 0.50% | 0.25% | 1.75% | 0.25% December 2020 | 12 |
| 2019 | 1.75% | 1.75% | 1.75% | 1.75% December 2019 | 12 |
| 2018 | 1.44% | 1.25% | 1.75% | 1.75% December 2018 | 12 |
| 2017 | 0.71% | 0.50% | 1.00% | 1.00% December 2017 | 12 |
Averages, lows and highs are calculated by EconoMonitor from the published readings. Source: Bank of Canada. Monthly figures are EconoMonitor calculations from the Bank's daily data. This information is available free of charge on bankofcanada.ca. EconoMonitor is not affiliated with or endorsed by the Bank of Canada.
How is it measured?
Target for the overnight rate on the last business day of the month.
Bank of Canada policy rate (target for the overnight rate) is published monthly by Bank of Canada in its Valet V39079 release. It is measured in percent. EconoMonitor holds all 210 readings since April 2009 under the publisher's code V39079, keeps earlier values when the publisher revises them, and compares each release with the downloaded file before it is shown. Formula: last daily value of V39079 in the month.
Related measures on this site: Government of Canada 10-year benchmark bond yield was 3.88% in September 2026; Government of Canada 2-year benchmark bond yield was 3.27% in September 2026.
- Formula: last daily value of V39079 in the month.
- Frequency: monthly.
- Unit: percent.
- Release: Valet V39079, published by Bank of Canada.
- Source series code: V39079.
- Methodology: how EconoMonitor stores and checks this series.
Questions and sources
What is the latest reading of Bank of Canada policy rate (target for the overnight rate)?
2.25% in September 2026, as published by Bank of Canada.
How often is it updated?
Monthly, with each Valet V39079 release. EconoMonitor reloads the series after each release and keeps earlier values when the publisher revises them.
Where can I check it?
At the publisher: Bank of Canada Valet API, series code V39079.
Definitions of the other measures quoted on this page: Government of Canada 10-year benchmark bond yield (CA), Government of Canada 2-year benchmark bond yield (CA).
Source: Bank of Canada. Monthly figures are EconoMonitor calculations from the Bank's daily data. This information is available free of charge on bankofcanada.ca. EconoMonitor is not affiliated with or endorsed by the Bank of Canada. Checks for this release: Check A passed, Check B passed.
Data and analysis only, not financial advice. Data publishers do not endorse EconoMonitor. See the disclaimer and methodology.