Bank of Canada holds policy rate at 2.25% for a sixth consecutive decision

The Bank of Canada held its target for the overnight rate at 2.25% on 15 July, the sixth consecutive decision to leave the policy rate unchanged.

The Bank Rate remained at 2.5% and the deposit rate at 2.20%.

Governing Council said holding at 2¼% balances the risks given continuing economic uncertainty. Governor Tiff Macklem said that after stalling over the past year, economic growth appears to have resumed in Canada.

The sequence

The policy rate was last changed on 30 October 2025, when it was cut to 2.25% from 2.50%. It has been held at every decision since: 18 March, 29 April, 10 June and 15 July 2026 among them.

The rate reached its current level through a sustained easing cycle that began in mid-2024, when it stood at 4.75%.

Prime, the rate to which most Canadian variable borrowing is tied, followed the October cut to 4.45% in early November 2025 and has been unchanged since.

Next decision

The Bank’s next scheduled announcement is 2 September 2026 at 09:45 ET. A summary of Governing Council’s deliberations for that decision is scheduled for 16 September.

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Event dated July 15, 2026. Primary document: Bank of Canada — press release, 15 July 2026.