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Bank of Canada Holds at 2.25% — What the Fine Print Means for You

  July 15, 2026  |  Canadian Money Brief The Bank of Canada held its policy rate at 2.25% today, exactly as every economist surveyed expected. The number didn't move — but the story underneath it did. Between renewed oil-market chaos, a stubbornly hot inflation reading, and an economy that's finally showing signs of life, this "boring" hold decision was anything but simple. If you've been following our preview piece from earlier this week , this is the follow-up: what actually happened, and what it means for your mortgage, your savings, and your grocery bill. The Decision, in Plain English This marks the sixth consecutive hold since the Bank's last cut back in October 2025. The overnight rate stays at 2.25%, the Bank Rate at 2.5%, and the deposit rate at 2.20%. Bank prime — the number that actually determines your variable mortgage or line of credit rate — stays put at 4.45%. Governor Tiff Macklem has described this level as sitting near the bottom of the Bank...
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Canada Temporarily Reduces Embassy Staff in Haiti Amid Security Concerns

 

In response to the escalating security situation in Haiti, Canada has made the decision to temporarily reduce the number of Canadian embassy staff in Port-au-Prince. The move comes as gang violence continues to plague the capital city.

Key Points:

  1. Volatility and Safety Concerns:

    • The volatility of the security situation in Haiti has prompted Global Affairs Canada to take action.
    • The lack of reliable supplies and the need to maintain an effective presence in a challenging environment have led to this staffing adjustment.

  2. Essential Personnel Only:

    • Canada will maintain a skeleton crew of essential personnel at its embassy in Haiti.
    • These relocated staff members will continue to fulfill their duties from a third country, primarily the Dominican Republic.

  3. U.S. Parallel Move:

    • The U.S. also recently reduced its diplomatic presence in Haiti due to heightened gang violence.
    • U.S. Marines escorted a portion of their diplomatic corps out of the country, while some remained to provide additional protection.

  4. Challenges for Evacuation:

    • Approximately 3,000 Canadian citizens are currently in Haiti, mainly in and around Port-au-Prince.
    • Evacuating them poses challenges due to the closure of the main airport, which has been targeted by gangs.

  5. Support and Caution:

    • Despite the staffing reduction, Canada’s embassy will continue to support Canadians in Haiti.
    • The public is advised to shelter in place and respect the curfew.

Canada remains committed to assisting its citizens and maintaining diplomatic engagement, even in the face of security risks.



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