Banks › Bank of Canada › History › 15 Jul 2026
Bank of Canada: decision of 15 July 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/2026/07/fad-press-release-202…
- Summary of deliberations
- bankofcanada.ca/2026/07/summary-of-governing-…
- Press conference
- bankofcanada.ca/multimedia/press-conference-m…
- Monetary Policy Report
- bankofcanada.ca/publications/mpr/mpr-2026-07-…
- Recorded
- 15 Jul 2026
- Data
- JSON
What the bank said
The Bank said Canada's economy was showing signs of improvement, with second-quarter growth estimated at 2½% after GDP stalled over the past year.
It said CPI inflation rose to 3.2% in May mainly because of higher gasoline prices, while inflation excluding gasoline was 2.2% and core measures stayed close to 2%.
It projected GDP growth of 0.7% in 2026 and 1.8% in both 2027 and 2028, with CPI inflation returning to around 2% in early 2027.
Guidance. The Bank said Governing Council would continue to assess the strength of the economy and the outlook for inflation and was prepared to adjust monetary policy as needed.
“Governing Council judges the current policy rate remains appropriate to sustain the economic recovery and bring inflation back to the 2% target”
Before and after
- Previous decision: 10 Jun 2026, held the target for the overnight rate at 2.25%.
- Next decision: 2 Sept 2026, held the target for the overnight rate at 2.25%.
- All Bank of Canada decisions and the rate history