Cash Rate

Bank of Canada

Canada target for the overnight rate

View on Canada desk

2.25%

−0.25 pp last change (29 Oct 2025)

As of 15 Sep 2026 | Daily (policy rate; changes on Bank of Canada decision days)

Mean
1.50%
Median
1.00%
Min
0.25% 21 Apr 2009
Max
5.00% 13 Jul 2023
DateRate
15 Sep 20262.25
31 Aug 20262.25
31 Jul 20262.25
30 Jun 20262.25
29 May 20262.25
30 Apr 20262.25
31 Mar 20262.25
27 Feb 20262.25
30 Jan 20262.25
31 Dec 20252.25
28 Nov 20252.25
31 Oct 20252.25
30 Sep 20252.50
29 Aug 20252.75
31 Jul 20252.75
30 Jun 20252.75
30 May 20252.75
30 Apr 20252.75
31 Mar 20252.75
28 Feb 20253.00
31 Jan 20253.00
31 Dec 20243.25
29 Nov 20243.75
31 Oct 20243.75

About the overnight rate target

Bank of Canada target for the overnight rate (V39079). Current: 2.25% on 15 Sep 2026. Daily series from the BoC Valet API; chart is stepped at policy decisions.

From 21 Apr 2009 to 15 Sep 2026 (4,525 observations): mean 1.50%, median 1.00%; low 0.25% (21 Apr 2009), high 5.00% (13 Jul 2023). Not a mortgage or deposit rate.

Source: Bank of Canada Valet API, series V39079 (target for the overnight rate). Licence: Bank of Canada website terms: free use, copy and distribute with attribution (terms). Files: data/raw/boc-overnight-rate.json.

Reading this series

Canada's target for the overnight rate is set by the Bank of Canada's Governing Council and is the policy rate the Bank aims to keep the overnight market near. The page uses the Bank of Canada Valet API series V39079, with a daily record from 2009. Because the Bank changes the target only at fixed announcement dates, the chart is drawn as steps. The target is the policy anchor; the separate CORRA page covers the market rate that settles overnight Canadian repo trades.

Read the headline with its as-of date, then the "versus the previous reading" line. When the target has been unchanged for a while, the page shows the date of the last actual move rather than a row of zero changes. Mean, median, low and high are arithmetic summaries of the daily observations in this build, so a long hold at one setting pulls them toward it. Chart and Table present the series two ways, range buttons filter the drawn window only, and Explore loads zoom and pan on request. The overnight target is not a mortgage or deposit rate.

About this desk

The Switzerland desk leads with the SNB policy rate, from the BIS central bank policy rate series for Switzerland, then ECB, UK and US rates. The BIS series is the SNB policy rate from June 2019, the mid-point of the SNB's target range for the three-month Libor from 2000 to 2019, and the discount rate before that — stitched into one comparable series and drawn as daily steps. It is a policy rate, not a mortgage or deposit rate.

All desks show the same build-wide series in a different order, so switching desks changes the menu, not the figures. Values are republished with attribution to the BIS, and this page is not an official BIS publication. The build ingests no Swiss retail rate series, so none is shown. This is not financial advice, and readings may lag their source.