Bank Of Canada Interest Rate Cuts 2024. Here's what it means for borrowers. The current bank of canada interest rate sits at 4.50%, with a 0.25% rate cut announced on july 24, 2024.
This latest decrease brings the central bank’s rate—which sets the benchmark for canada’s prime rate and variable. On wednesday, july 24, 2024, the bank of canada will announce its decision on the target for the overnight rate.