October 23, 2024 - Governing Council decided to reduce the policy rate from 4.25% to 3.75%.
With inflation now back around the 2% target, Governing Council decided to reduce the policy rate by 50 basis points to support economic growth and keep inflation close to the middle of the 1% to 3% range.
|
Bank of Canada |
Royal Bank of Canada Prime Rate |
| 3.75% 50 bps |
5.95% 50 bps |
Effective since October 24, 2024
- Consult the press release issued by the Bank of Canada.
- The next Bank of Canada announcement will be on December 11, 2024.
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3 possible effects of these cuts on your clients’ savings
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