Interest and exchange rates

Bank rate

The Bank rate is used as the basis to calculate the payment on due date (PODD) interest rate.

The current bank rate as set on January 26, 2023, is 4.75%.

Payment on due date

Government of Canada departments use the payment on due date interest rate to calculate the interest on overdue supplier accounts and to charge interest on overdue accounts receivable.

As per the Interest and Administrative Charges Regulations, the rate is based on the average Bank of Canada discount rate from the previous month plus 3%.

Previous payment on due date interest rates (for the past 7 years)

Foreign exchange rates

The Bank of America establishes the daily foreign exchange rate for the Receiver General for Canada.

Current exchange rates (updated daily)

These rates can be used as a guideline for estimating the foreign-equivalent value of Canadian dollar amounts owed to the Receiver General.

Use the following rates to re-evaluate foreign-denominated monetary assets and liabilities.