What is Bank's US base rate?

The expression "Bank's U.S. base rate" refers to the annual variable interest rate announced by the Bank from time to time as the reference rate in effect to determine the interest rates applicable to commercial loans in U.S. dollars granted by the Bank in Canada and based on a calendar year. Certain conditions apply.

What is the official interest rate?

The official interest rate is the Overnight Rate. Since 1996 the Bank Rate is set at the upper limit of an operating band for the money market overnight rate. Previously, from March 1980 until February 1996 the Bank Rate was set at 25 basis points above the weekly average tender rate for 3-month Treasury bills.

What is a bank's prime rate?

The expression "Bank's prime rate" refers to the annual interest rate announced by the Bank from time to time as being its reference rate then in effect for commercial loans, in Canadian dollars.

What is a bank rate comparison tool?

This tool allows you to make side-by-side comparisons of changes to the Bank Rate and the target for the overnight rate over time. The Bank carries out monetary policy by influencing short-term interest rates. It does this by adjusting the target for the overnight rate on eight fixed dates each year.