Bank of Canada’s Decision

On April 29, 2026, the Bank of Canada (BoC) held its key interest rate at 2.25%.

The Bank Rate remains at 2.5%, while the deposit rate is 2.2%.

“We are closely monitoring the impact of the conflict in the Middle East and how the economy is responding to US tariffs and trade policy uncertainty,” the central bank said in a news release.

“Governing Council is looking through the war’s immediate impact on inflation but will not let higher energy prices become persistent inflation. As the outlook evolves, we stand ready to respond as needed.”

Fourth Consecutive Hold

The decision comes after the BoC kept its key interest rate at 2.25% on March 18, 2026.

For a complete list of interest rate changes and detailed insights, visit our full rate change list.

Next Rate Announcement

The next interest rate announcement from the Bank of Canada is scheduled for June 10, 2026.

Key Announcement Highlights

• The Iran war has led to sharply higher energy prices and transportation disruptions — diminishing growth prospects in oil-importing countries and boosting inflation worldwide. The BoC currently expects the global benchmark price of oil to decline to US$75 per barrel by mid 2027.
• CPI inflation jumped to 2.4% last month because of higher gasoline prices. At this time, there’s little evidence that the oil shock has more broadly impacted goods and services prices. This will be closely monitored in the coming months.
• Consumer and government spending are supporting...

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