Bank Of Canada Interest Rate Cuts 2024. The bank of canada today reduced its target for the overnight rate to 4.75 per cent, with the bank rate at 5 per cent and the deposit rate. The bank of canada cut its benchmark interest rate by 0.25% to 4.75% in its june 5, 2024 announcement.

The bank of canada’s key interest rate fell by 25 basis points on wednesday, a move that will immediately be felt by canadians with variable rates of debt. Here’s what it means for borrowers.