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Bank of Canada maintains the policy rate at 2¼%
Bank of Canada · 2026-09-02
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<a aria-label="Reconciliation Action Plan" title="Reconciliation Action Plan" href="https://www.bankofcanada.ca/about/governance-documents/reconciliation-action-plan/" class="post-callout-link">
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Reconciliation Action Plan
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<p>A plan to guide the Bank along its Reconciliation journey</p>
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Bank of Canada Museum
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<p>Expand your understanding of spending and saving, discover your place in the economy and explore a world-class currency collection.</p>
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What is a central bank?
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<p>A central bank works to promote a country’s economic stability and its citizens’ financial well-being.</p>
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Work at the Bank
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<a aria-label="Renewing Canada’s monetary policy framework" title="Renewing Canada’s monetary policy framework" href="https://www.bankofcanada.ca/core-functions/monetary-policy/renewing-canadas-monetary-policy-framework/" class="post-callout-link">
<h2 class='cfct-mod-title post-callout-title'>
Renewing Canada’s monetary policy framework
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<p>Every five years, the Bank of Canada and the Government of Canada review and renew the agreement on Canada’s monetary policy framework. </p>
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Regulatory oversight
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<p>We oversee Canada’s payments and financial market infrastructures to ensure they are safe, resilient and stable. We also support the evolution of the payments ecosystem, including new mandates for stablecoins and consumer‑driven banking.</p>
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<li><a href="https://www.bankofcanada.ca/markets/about-financial-markets/">About financial markets</a></li>
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<h2><a href="https://www.bankofcanada.ca/markets/#committees">Committees</a></h2>
<li><a href="https://www.bankofcanada.ca/markets/canadian-foreign-exchange-committee/">Canadian Foreign Exchange Committee</a></li>
<li><a href="https://www.bankofcanada.ca/markets/canadian-fixed-income-forum/">Canadian Fixed-Income Forum</a></li>
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<h2 class='cfct-mod-title post-callout-title'>
Canada Mortgage Bonds
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<p>View the latest data on the Government of Canada's purchases and holdings of Canadian Mortgage Bonds.</p>
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Market notices
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<span class="pressdate">August 13, 2026</span>
<a id="post-title-255202" href="https://www.bankofcanada.ca/2026/08/cimpa-and-cds-announce-the-start-of-the-trial-period-for-the-fail-fee-framework-for-government-of-canada-securities-transactions/" >CIMPA and CDS announce the start of the trial period for the fail fee framework for Government of Canada securities transactions</a>
</li>
<li class="mtt-result--excerpt__list-with-dates mtt-result--excerpt mtt-result">
<span class="pressdate">August 12, 2026</span>
<a id="post-title-255193" href="https://www.bankofcanada.ca/2026/08/new-goc-general-collateral-basket-strengthens-canadas-repo-market/" >New GoC General Collateral Basket Strengthens Canada’s Repo Market</a>
</li>
<li class="mtt-result--excerpt__list-with-dates mtt-result--excerpt mtt-result">
<span class="pressdate">August 11, 2026</span>
<a id="post-title-255174" href="https://www.bankofcanada.ca/2026/08/cfec-releases-results-of-april-2026-foreign-exchange-volume-survey/" >CFEC Releases Results of April 2026 Foreign Exchange Volume Survey</a>
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<li><a href="https://www.bankofcanada.ca/banknotes/">Security features</a></li>
<li><a href="https://www.bankofcanada.ca/banknotes/counterfeit-prevention/">Counterfeit prevention</a></li>
<li><a href="https://www.bankofcanada.ca/banknotes/audience-specific-resources/">Getting training and education</a></li>
<li><a href="https://www.bankofcanada.ca/banknotes/using-bank-note-images/">Using bank note images</a></li>
<li><a href="https://www.bankofcanada.ca/banknotes/redeeming-damaged-bank-notes/">Redeeming damaged bank notes</a></li>
<li><a href="https://www.bankofcanada.ca/banknotes/bank-notes-research-reports/">Research and reports</a></li>
<li><a href="https://www.bankofcanada.ca/banknotes/principles-bank-note-design/">Principles of design</a></li>
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<a aria-label="Counterfeit prevention" title="Counterfeit prevention" href="https://www.bankofcanada.ca/banknotes/counterfeit-prevention/" class="post-callout-link">
<h2 class='cfct-mod-title post-callout-title'>
Counterfeit prevention
</h2>
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<div class="cfct-mod-content ">
<p>Feel, look, tilt and flip! Learn how to check your bank notes and protect yourself from fraud.
</p>
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<div class="col-sm-12">
<a aria-label="The Vertical $20" title="The Vertical $20" href="https://www.bankofcanada.ca/banknotes/vertical-20-note-security-features/vertical-20-note-design-elements/" class="post-callout-link">
<h2 class='cfct-mod-title post-callout-title'>
The Vertical $20
</h2>
</a>
<div class="cfct-mod-content ">
<p>Discover the design elements of the upcoming vertical $20 polymer bank note featuring His Majesty King Charles III.</p>
</div>
</div>
</div>
</div>
</div>
</div></div></div>
</div>
</div></div></li>
<li id="menu-item-148269" class="menu-item menu-item-type-post_type menu-item-object-page"><a href="https://www.bankofcanada.ca/publications/">Publications </a><div class="sub-menu"><div class="sub-menu-content">
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<div class="cfct-mod-content"><h2><a href="https://www.bankofcanada.ca/publications/">Publications</a></h2>
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<li><a href="https://www.bankofcanada.ca/publications/browse/"><strong>All publications</strong></a></li>
<li><a href="https://www.bankofcanada.ca/publications/annual-reports-quarterly-financial-reports/?content_type[]=628&content_type[]=22322">Annual Report</a></li>
<li><a href="https://www.bankofcanada.ca/publications/the-economy-plain-and-simple/">The Economy, Plain and Simple</a></li>
<li><a href="https://www.bankofcanada.ca/publications/financial-stability-report/">Financial Stability Report</a></li>
<li><a href="https://www.bankofcanada.ca/publications/mpr/">Monetary Policy Report</a></li>
<li><a href="https://www.bankofcanada.ca/publications/annual-reports-quarterly-financial-reports/?content_type[]=19359">Quarterly Financial Report</a></li>
<li><a href="https://www.bankofcanada.ca/publications/summary-governing-council-deliberations/">Summary of deliberations</a></li>
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<h3>Economic survey results</h3>
<ul>
<li><a href="https://www.bankofcanada.ca/publications/bos/">Business Outlook Survey</a></li>
<li><a href="https://www.bankofcanada.ca/publications/canadian-survey-of-consumer-expectations/">Canadian Survey of Consumer Expectations</a></li>
<li><a href="https://www.bankofcanada.ca/publications/financial-system-survey/">Financial System Survey</a></li>
<li><a href="https://www.bankofcanada.ca/publications/market-participants-survey/">Market Participants Survey</a></li>
<li><a href="https://www.bankofcanada.ca/publications/slos/">Senior Loan Officer Survey</a></li>
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<a aria-label="Monetary Policy Report—July 2026" title="Monetary Policy Report—July 2026" href="https://www.bankofcanada.ca/publications/mpr/mpr-2026-07-15/" data-content-type='Monetary Policy Report' class="post-callout-link">
<h2 class='cfct-mod-title post-callout-title'>
Monetary Policy Report—July 2026
</h2>
</a>
<div class="cfct-mod-content ">
<p>Canada’s economy has been weak but is showing signs of improvement. Growth is expected to pick up, and inflation is projected to ease to around 2%. Uncertainty remains elevated.</p>
</div>
</div>
</div>
</div>
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<a aria-label="Financial Stability Report—2026" title="Financial Stability Report—2026" href="https://www.bankofcanada.ca/publications/financial-stability-report/financial-stability-report-2026/" data-content-type='Financial Stability Report' class="post-callout-link">
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Financial Stability Report—2026
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<p>Canada’s financial system has functioned well through a challenging year. Households and businesses remain in stable financial condition, and banks have strengthened their capacity to absorb shocks. However, vulnerabilities have increased in some parts of the system, and a more turbulent global environment poses risks to financial stability.</p>
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<a aria-label="Canadian businesses’ use of AI: What the evidence shows" title="Canadian businesses’ use of AI: What the evidence shows" href="https://www.bankofcanada.ca/2026/08/sparks-at-bank-article-2026-20/" data-content-type='Sparks at Bank article' class="post-callout-link">
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Canadian businesses’ use of AI: What the evidence shows
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<p>As businesses worldwide are adopting artificial intelligence to boost productivity, little has been known about how businesses in Canada are using it. Survey results from the Bank of Canada show that AI adoption remains at an early stage for many Canadian businesses. As well, businesses expect AI to affect capital spending and employment, but only gradually. </p>
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<span class="pressdate">September 3, 2026</span>
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<a href="https://www.bankofcanada.ca/2026/09/bank-canada-unveils-new-vertical-20-bank-note/" >Bank of Canada unveils new vertical $20 bank note</a>
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<a href="https://www.bankofcanada.ca/2026/09/fad-press-release-2026-09-02/" >Bank of Canada maintains the policy rate at 2¼%</a>
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<span class="pressdate">September 2, 2026</span>
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<a href="https://www.bankofcanada.ca/2026/09/opening-statement-2026-09-02/" >Monetary Policy Decision Press Conference Opening Statement</a>
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<span class="pressdate">August 19, 2026</span>
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<a href="https://www.bankofcanada.ca/2026/08/canada-border-services-agency-and-royal-canadian-mounted-police-win-bank-canada-counterfeit-deterrence-award-2/" >Bank of Canada recognizes RCMP constable with award for counterfeit deterrence</a>
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<a aria-label="Press Conference: Policy Rate Announcement — September 2026" title="Press Conference: Policy Rate Announcement — September 2026" href="https://www.bankofcanada.ca/multimedia/press-conference-policy-rate-announcement-september-2026/" data-content-type='Webcasts' class="post-callout-link">
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Press Conference: Policy Rate Announcement — September 2026
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<p><p><em>Interest Rate Announcement</em> – Press conference by Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers (10:30 (ET) approx.).</p></p>
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<p>These forecasts are provided to Governing Council in preparation for monetary policy decisions. They are released once a year with a five-year lag.</p>
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<span class="pressdate">June 29, 2026</span>
<a id="post-title-254596" href="https://www.bankofcanada.ca/2026/06/reminder-psp-reporting-obligations-under-rpaa/" >Reminder: PSP reporting obligations under the RPAA</a>
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<a id="post-title-254121" href="https://www.bankofcanada.ca/2026/06/bank-canada-begin-publishing-notices-violation-payment-service-providers/" >Bank of Canada to begin publishing Notices of Violation by Payment Service Providers</a>
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<span class="pressdate">February 27, 2026</span>
<a id="post-title-251788" href="https://www.bankofcanada.ca/2026/02/bank-of-canada-issues-revised-compliance-order-to-xtm-inc/" >Bank of Canada issues revised compliance order to XTM Inc.</a>
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<h1 class="post-heading">Bank of Canada maintains the policy rate at 2¼%</h1>
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<div class='post-content'>
<p>The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.</p>
<p>The continuing conflict in the Middle East is keeping energy prices high. As well, new US tariffs and Canadian counter-measures have been announced following the breakdown of trade talks between Canada and the United States. Both situations remain fluid.</p>
<p>In the United States, economic growth continues to be solid, driven by consumer spending and AI-related investment. Growth in the euro area was stronger than expected in the second quarter, while China’s economy slowed. Overall, the global economy has shown resilience in the face of geopolitical headwinds, with growth broadly consistent with the July <em>Monetary Policy Report</em> (MPR) projection. With still-high oil prices and elevated margins for refined energy products, inflation in most countries remains high. </p>
<p>Financial conditions have tightened since July. Long-term bond yields have moved up globally, including in Canada. The Canadian dollar has appreciated slightly on US-dollar weakness.</p>
<p>As expected, Canadian economic activity strengthened in the second quarter, with GDP up by 3.3%, following very weak growth in the first quarter. While some of the recent strength reflected temporary factors, the pick-up in activity was broad-based. Consumption showed solid gains. Following several weak quarters, there was some rebound in housing activity. Exports and business investment were up sharply. Labour market conditions have improved in recent months, with the unemployment rate edging down to 6.4% in July. Still, demand for labour remains subdued and indicators point to continued excess supply in the economy.</p>
<p>Overall, recent data reaffirm Governing Council’s view of a broadening recovery in Canada’s economy. However, uncertainty is high and new US tariffs and threats of further action pose risks to the sustainability of the recovery.</p>
<p>CPI inflation has been hovering around 3% in recent months, mainly because of persistently higher gasoline prices. So far, there has been little evidence of higher energy prices spreading to other components of inflation: excluding gasoline, inflation was 2.2% and measures of core inflation remained close to 2% in July. However, with the Middle East conflict still ongoing and little progress reopening the Strait of Hormuz, upside risks to the Bank’s inflation forecast have increased. The longer that high oil prices and elevated refinery margins persist, the greater the risk of spillover to the prices of other goods and services. New US tariffs and Canadian counter-tariffs will also raise costs for some businesses and could feed into consumer prices over time.</p>
<p>With the economy and inflation evolving broadly as forecast in the July MPR, Governing Council agreed to leave the policy rate unchanged. However, the upside risks to inflation have increased, while new tariffs make growth prospects more uncertain. Governing Council will assess the sustainability of the economic rebound and the outlook for inflation, and is prepared to adjust monetary policy as needed. The Bank remains committed to maintaining Canadians’ confidence in price stability through this period of global upheaval.</p>
<h3>Information note</h3>
<p>The next scheduled date for announcing the overnight rate target is October 28, 2026. The Bank’s next MPR will be released at the same time.</p>
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<a aria-label="Press Conference: Policy Rate Announcement — September 2026" title="Press Conference: Policy Rate Announcement — September 2026" href="https://www.bankofcanada.ca/multimedia/press-conference-policy-rate-announcement-september-2026/" data-content-type='Webcasts' class="post-callout-link">
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Press Conference: Policy Rate Announcement — September 2026
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<p><p><em>Interest Rate Announcement</em> – Press conference by Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers (10:30 (ET) approx.).</p></p>
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Monetary Policy Decision Press Conference Opening Statement
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width: 25%
}
}
.interactive-input.interactive-select select {
width: 100%;
}
@media only screen and (max-width: 600px) {
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width: 100%;
display: block;
}
.interactive-input.interactive-select select {
width: 100%;
}
}
.bocss-interactive-div {
width: auto;
position: inherit;
border-left: none;
}
.bocss-interactive-button {
display: none;
}
.interactive-close {
display: none;
}
.bocss-interactive-div .section-header {
display: none;
}
.interactive-input {
border-bottom: none;
}
.bocss-interactive-div > div {
margin-top: 0 !important;
}
@media print {
.bocss-interactive-div {
height: 0;
width: 0;
}
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