How often does the prime interest rate change? Will it only change when the new budget comes out or can it change anytime? I am interested to know this because all other interest rates (i.e mortgage interest rate) are affected by the prime rate.

1 Answer 1


As with the federal funds rate set by the FOMC in the US, the Bank of Canada sets their overnight lending rate 8 times per year. You can see the schedule at their website.

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