# Bank of Canada raises its rate to 2.50% on 28 October

> The Bank of Canada raised its target for the overnight rate by 25 basis points to 2.50%, with the decision dated 28 October 2026.

- Canonical URL: https://forextradingcommunity.com/news/bank-of-canada-raises-rate-to-2-50-percent-october-2026/
- Type: Central banks
- Published: 2026-10-30
- Updated: 2026-10-30
- Publisher: Forex Trading Community (https://forextradingcommunity.com), FTC Editorial Team
- Currencies: CAD

The Bank of Canada raised its target for the overnight rate by 25 basis points, to 2.50%, with the announcement dated 28 October 2026. The bank's key interest rate page shows the new target and that date ([Bank of Canada: key interest rate](https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/)).

## Key figures

- **Target for the overnight rate**: 2.50%
- **Change**: up 25 basis points, from 2.25%
- **Announcement date**: 28 October 2026

## Reading it

The bank's own inflation data for the period are the reason to read this decision alongside the price figures. Canada's September consumer prices rose 3.1% on the year, and the site's report on that print sets out the detail ([Canada's September CPI](/news/canada-cpi-3-1-percent-september-2026/)). For the bank's earlier reasoning on the 2.25% rate, see [the BoC trade-off analysis](/news/boc-2-25-explained/). For how inflation feeds into currencies, see [how inflation moves currencies](/news/how-inflation-moves-currencies/).

## Sources

- [Bank of Canada: key interest rate (announcement dated 28 October 2026)](https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/)

## Common questions

### What did the Bank of Canada decide on 28 October 2026?

It raised its target for the overnight rate by 25 basis points, to 2.50%.

### What was the Bank of Canada rate before the October decision?

2.25%, which is the level the 2.50% target is 25 basis points above.

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