December 11, 2024 - Governing Council decided to reduce the policy rate from 3.75% to 3.25%.
With inflation around 2%, the economy in excess supply, and recent indicators tilted towards softer growth than projected, Governing Council decided to reduce the policy rate by a further 50 basis points to support growth and keep inflation close to the middle of the 1-3% target range.
|
Bank of Canada |
Royal Bank of Canada Prime Rate |
| 3.25% 50 bps |
5.45% 50 bps |
Effective since December 12, 2024
- Consult the press release issued by the Bank of Canada.
- The next Bank of Canada announcement will be on January 29, 2025.
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3 possible effects of these cuts on your clients’ savings
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