Banks › Bank of Canada › History › 29 Apr 2026
Bank of Canada: decision of 29 April 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/2026/04/fad-press-release-202…
- Summary of deliberations
- bankofcanada.ca/2026/05/summary-of-governing-…
- Press conference
- bankofcanada.ca/multimedia/press-conference-m…
- Monetary Policy Report
- bankofcanada.ca/publications/mpr/mpr-2026-04-…
- Recorded
- 29 Apr 2026
- Data
- JSON
What the bank said
The Bank said the Iran war had sharply raised energy prices, and its April outlook assumed unchanged tariffs and the global oil price declining to US$75 a barrel by mid-2027.
It said CPI inflation rose to 2.4% in March on higher gasoline prices and would likely reach about 3% in April, while core inflation held steady at just above 2%.
It projected GDP growth of 1.2% in 2026, 1.6% in 2027 and 1.7% in 2028, little changed from January, with inflation returning to the 2% target early next year.
Guidance. The Bank said it would look through the war's immediate impact on inflation but not let higher energy prices become persistent inflation, and stood ready to respond as needed.
“Governing Council is looking through the war’s immediate impact on inflation but will not let higher energy prices become persistent inflation.”
Before and after
- Previous decision: 18 Mar 2026, held the target for the overnight rate at 2.25%.
- Next decision: 10 Jun 2026, held the target for the overnight rate at 2.25%.
- All Bank of Canada decisions and the rate history