Governing Council decided to reduce the policy rate from 5% to 4.75%.
With continued evidence that underlying inflation is easing, Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points.
Experts foresaw this cut!
If you missed it, check out the iA CONNECTED article titled Rate cuts | Movement is expected, get ready! which gives you tips on how to stay alert to the potential implications of these rate cuts on your clients’ savings and the opportunities resulting from them.
|
Bank of Canada |
Royal Bank of Canada Prime Rate |
| 4.75% 25 bps |
6.95% 25 bps |
Effective since June 6, 2024
- Consult the press release issued by the Bank of Canada.
- The next Bank of Canada announcement will be on July 24, 2024.
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