Rate Cuts 2024 Canada 2024. The bank of canada today reduced its target for the overnight rate to 4¾%, with the bank rate at 5% and the deposit rate at 4¾%. The bank is continuing its.

Economists are also forecasting faster and deeper cuts to borrowing costs over the next year, and see the central bank reducing the policy rate from the current. Trims 2024 gdp forecast to 1.2% from 1.5%;