January 29, 2025 - Governing Council decided to reduce the policy rate from 3.25% to 3.00%.
With inflation around 2% and the economy in excess supply, Governing Council decided to reduce the policy rate a further 25 basis points to 3%. The cumulative reduction in the policy rate since last June is substantial. Lower interest rates are boosting household spending and, in the outlook published today, the economy is expected to strengthen gradually and inflation to stay close to target.
|
Bank of Canada |
Royal Bank of Canada Prime Rate |
| 3.00% 25 bps |
5.20% 25 bps |
Effective since January 30, 2025
- Consult the press release issued by the Bank of Canada.
- The next Bank of Canada announcement will be on March 12, 2025.
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3 possible effects of these cuts on your clients’ savings
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