Banks › Bank of Canada › History › 18 Mar 2026
Bank of Canada: decision of 18 March 2026
The Bank of Canada held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.
Decision
hold
- Rate
- 2.25%=2.25%
- Change
- 0 bp
- Announced
- 09:45 Toronto time
Sources
- Statement
- bankofcanada.ca/2026/03/fad-press-release-202…
- Summary of deliberations
- bankofcanada.ca/2026/04/summary-governing-cou…
- Press conference
- bankofcanada.ca/multimedia/press-conference-p…
- Recorded
- 18 Mar 2026
- Data
- JSON
What the bank said
The Bank said the war in the Middle East had sharply raised global oil and natural gas prices and tightened financial conditions, making the global outlook highly uncertain.
It said Canadian GDP contracted 0.6% in the fourth quarter, the unemployment rate rose to 6.7% in February, and near-term growth looked weaker than it had expected in January.
It said CPI inflation eased to 1.8% in February with core measures close to 2%, but that higher energy prices would push total inflation up in the coming months.
Guidance. The Bank said risks to growth were tilted to the downside while inflation risks had risen, and that it stood ready to respond as needed as the outlook evolves.
“As the outlook evolves, we stand ready to respond as needed.”
Before and after
- Previous decision: 28 Jan 2026, held the target for the overnight rate at 2.25%.
- Next decision: 29 Apr 2026, held the target for the overnight rate at 2.25%.
- All Bank of Canada decisions and the rate history