Bank of Canada Interest Rate Statement
The Bank of Canada (BoC) Interest Rate Statement is the public announcement of the BoC’s Policy Rate. The Policy Rate is the interbank lending or overnight rate in Canada. It is a short-term interest rate that serves as the BoC’s primary tool for managing inflationary pressures facing the Canadian dollar (CAD). BoC Interest Rate Statements are primary CAD market movers.The BoC governing council votes on whether or not to make adjustments to the Policy Rate. A vote is conducted eight times per calendar year, with results being released to the public shortly after each vote is completed.A higher than expected Policy Rate is viewed as a positive for the CAD. Conversely, lower than expected rates are typically negative for the CAD exchange.