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Bank of Canada interest rate announcement – October 28th, 2020

October 28, 2020

Bank of Canada interest rate announcement – October 28th, 2020



“Bank of Canada will maintain current level of policy rate until inflation objective is achieved, recalibrates its quantitative easing program.”


Bank of Canada has no plan to change its benchmark interest rate – keeping it at a steady 0.25%. This year we have seen an aggressive decrease in the overnight rate, largely due to the pandemic and an attempt to stimulate the economy.


“As the economy recuperates, it will continue to require extraordinary monetary policy support. The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In our current projection, this does not happen until into 2023. The Bank is continuing its QE program and recalibrating it as described above. The program will continue until the recovery is well underway. We are committed to providing the monetary policy stimulus needed to support the recovery and achieve the inflation objective.”


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