Bank of Canada

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About the key interest rate

Since 2001, the Bank's "key interest rate" has been the target for the overnight rate. The target is set at the midpoint of the Bank's operating band.

Previously, the key interest rate was the Bank Rate. The Bank Rate still exists, and is currently set at the top of the operating band. However, other methods have been used to set the Bank Rate in the past.

More information:

A history of the key interest rate

FAQ: What is the connection between the target for the overnight rate and the Bank Rate?

Rates and Statistics

Interest Rates

Key interest rate lookup

About this tool

This tool allows you to make side-by-side comparisons of changes to the Bank Rate and the target for the overnight rate over time. You can also determine when the rate was last at a specified level, or changed by a specified amount.


Display a range of key interest rate levels and changes:
Start: (1935-2006)
End: (1935-2006)
include a graph


Display specific levels or changes:
When did the key interest rate last change by:
Enter a decimal number; e.g.,   1.00   -0.50
When was the level of the key interest rate last at:
Enter a decimal number; e.g.,   2.25   6.50