Canada Bank Interest Rates 2024. These were the central bank’s fourth and fifth updates of 2024. Many canadians breathed a sigh of relief on june 5 when the bank of canada (boc) lowered its key interest rate to 4.75% and again on july 24 when it dipped to 4.50%.

When inflation climbs far past the bank of canada’s 2% mandate, the agency’s main course of action to slow the economy is to raise the policy rate — the interest rates at which banks lend money to one another. By the end of october 2023, the boc rate is at 5%.