History of the Bank of Canada Rates

Net Fluctuation Compared to Previous Year
  • From 2000* onwards, refers to Overnight Rate rather than Prime Rate.
  • Counterintuitively, the year of historic peak interest of 22.75% (1981) saw an overall negative fluctuation compared to the previous year, followed by an historic negative fluctuation the following year. However, those negative fluctuations came after three years of robust positive fluctuations.
  • The year or so of historic low interest of 0.25% (2009 Apr 21 – 2010 May 31) was not preceeded by an historic negative fluctuation as rates were already at or near record lows by the time the Great Recession of 2008 hit. In fact, the slide toward the prolonged period of low interest rates wa are in began in the late 1990s, but the “Tech Bubble” recession and the terrorist attacks on the United States in 2001 ensured the continued downward slide.
  • The detailed history is on the next table.

Historic low    Historic high    Extreme fluctuation (+/– 2.50+%)    Projected
Year Start Changes End Avg Year Start Changes End Avg
# + – Net # + – Net
1935 5.50 0 0 0 0.00 5.50 5.50 – 1981 18.25 9 5 4 –1.00 17.25 19.30 ↑
1936 5.50 1 0 1 –0.50 5.00 5.21 ↓ 1982 17.25 9 2 7 –4.75 12.50 15.81 ↓
1937 5.00 0 0 0 0.00 5.00 5.00 ↓ 1983 12.50 3 0 3 –1.50 11.00 11.17 ↓
1938 5.00 0 0 0 0.00 5.00 5.00 – 1984 11.00 8 4 4 +0.25 11.25 12.07 ↑
1939 5.00 0 0 0 0.00 5.00 5.00 – 1985 11.25 7 2 5 –1.25 10.00 10.58 ↓
1940 5.00 0 0 0 0.00 5.00 5.00 – 1986 10.00 6 2 4 –0.25 9.75 10.50 ↓
1941 5.00 0 0 0 0.00 5.00 5.00 – 1987 9.75 6 3 3 0.00 9.75 9.52 ↓
1942 5.00 0 0 0 0.00 5.00 5.00 – 1988 9.75 5 5 0 +2.50 12.25 10.84 ↑
1943 5.00 0 0 0 0.00 5.00 5.00 – 1989 12.25 2 2 0 +1.25 13.50 13.34 ↑
1944 5.00 1 0 1 –0.50 4.50 4.92 ↓ 1990 13.50 6 2 4 –0.75 12.75 14.06 ↑
1945 4.50 0 0 0 0.00 4.50 4.50 ↓ 1991 12.75 8 0 8 –4.75 8.00 9.93 ↓
1946 4.50 0 0 0 0.00 4.50 4.50 – 1992 8.00 11 3 8 –0.75 7.25 7.48 ↓
1947 4.50 0 0 0 0.00 4.50 4.50 – 1993 7.25 5 0 5 –1.75 5.50 5.93 ↓
1948 4.50 0 0 0 0.00 4.50 4.50 – 1994 5.50 7 4 3 +2.50 8.00 6.88 ↑
1949 4.50 0 0 0 0.00 4.50 4.50 – 1995 8.00 9 3 6 –0.50 7.50 8.64 ↑
1950 4.50 0 0 0 0.00 4.50 4.50 – 1996 7.50 8 0 8 –2.75 4.75 6.06 ↓
1951 4.50 0 0 0 0.00 4.50 4.50 – 1997 4.75 3 3 0 +1.25 6.00 4.96 ↓
1952 4.50 0 0 0 0.00 4.50 4.50 – 1998 6.00 4 2 2 +0.75 6.75 6.60 ↑
1953 4.50 0 0 0 0.00 4.50 4.50 – 1999 6.75 3 1 2 –0.25 6.50 6.44 ↓
1954 4.50 0 0 0 0.00 4.50 4.50 – 2000* 4.75 3 3 0 +1.00 5.75 5.52 ↑*
1955 4.50 0 0 0 0.00 4.50 4.50 – 2001 5.75 9 0 9 –3.50 2.25 4.05 ↓
1956 4.50 3 3 3 +1.00 5.50 5.04 ↑ 2002 2.25 4 3 1 +0.50 2.75 2.46 ↓
1957 5.50 2 1 1 0.00 5.50 5.58 ↑ 2003 2.75 4 2 2 0.00 2.75 2.94 ↑
1958 5.50 1 0 1 –0.25 5.25 5.27 ↓ 2004 2.75 5 2 3 –0.25 2.50 2.25 ↓
1959 5.25 2 2 0 +0.50 5.75 5.65 ↑ 2005 2.50 5 4 1 +0.75 3.25 2.65 ↑
1960 5.75 0 0 0 0.00 5.75 5.75 ↑ 2006 3.25 4 4 0 +1.00 4.25 4.01 ↑
1961 5.75 1 0 1 –0.25 5.50 5.60 ↓ 2007 4.25 2 1 1 0.00 4.25 4.35 ↑
1962 5.50 2 1 1 +0.25 5.75 5.71 ↑ 2008 4.25 6 0 6 –2.75 3.50 3.24 ↓
1963 5.75 0 0 0 0.00 5.75 5.75 ↑ 2009 1.50 3 0 3 –1.25 0.25 0.45 ↓
1964 5.75 0 0 0 0.00 5.75 5.75 – 2010 0.25 3 3 0 +0.75 1.00 0.59 ↑
1965 5.75 1 1 0 +0.25 6.00 5.77 ↑ 2011 1.00 0 0 0 0.00 1.00 1.00 ↑
1966 6.00 0 0 0 0.00 6.00 6.00 ↑ 2012 1.00 0 0 0 0.00 1.00 1.00 –
1967 6.00 3 2 1 +0.50 6.50 5.92 ↓ 2013 1.00 0 0 0 0.00 1.00 1.00 –
1968 6.50 4 2 2 +0.25 6.75 6.92 ↑ 2014 1.00 0 0 0 0.00 1.00 1.00 –
1969 6.75 4 4 0 +1.75 8.50 7.96 ↑ 2015 1.00 2 0 2 –0.50 0.50 0.65 ↓
1970 8.50 2 0 2 –1.00 7.50 8.16 ↑ 2016 0.50 0 0 0 0.00 0.50 0.50 ↓
1971 7.50 4 0 4 –1.50 6.00 6.48 ↓ 2017 0.50 2 2 0 +0.50 1.00 0.70 ↑
1972 6.00 0 0 0 0.00 6.00 6.00 ↓ 2018 1.00 3 3 0 +0.75 1.75 1.15 ↑
1973 6.00 6 6 0 +3.50 9.50 7.65 ↑ 2019 1.75 3 3 0 +0.75 2.50 —
1974 9.50 4 3 1 +1.50 11.00 10.76 ↑ 2020 2.50 1 1 0 +0.25 2.75 —
1975 11.00 4 1 3 –1.25 9.75 9.42 ↓ 2021 — 0 0 0 — — —
1976 9.75 3 1 2 –0.50 9.25 10.04 ↑ 2022 — 0 0 0 — — —
1977 9.25 2 0 2 –1.00 8.25 8.50 ↓ 2023 — 0 0 0 — — —
1978 8.25 6 6 0 +3.25 11.50 9.70 ↑ 2024 — 0 0 0 — — —
1979 11.50 5 5 0 +3.50 15.00 12.90 ↑ 2025 — 0 0 0 — — —
1980 15.00 8 5 3 +3.25 18.25 14.25 ↑ 2026 — 0 0 0 — — —

 

The History in Details
OvN = Overnight
BkR = Bank Rate = +0.25% of OvN
Prime = Prime Rate
Diff = Percentage of change
Return to the general table

  • Prior to 2000, the Bank of Canada would only refer to its Prime Rate.
  • Numbers displayed in red signify that they are calculated values.

Historic low    Historic high    Extreme fluctuation (+/– 1.00+%)
2010-2019
Date OvN BkR Prime Diff  
↱ 2009 Apr 21 0.25 0.50 2.25 –0.25
2010 Jun 01 0.50 0.75 2.50 +0.25
2010 Jul 20 0.75 1.00 2.75 +0.25
2010 Sep 08 1.00 1.25 2.75 +0.25
‘2015 Jan 21 0.75 1.00 3.00 –0.25
2015 Jul 15 0.50 0.75 2.85 –0.25
2017 Jul 12 0.75 1.00 2.70 +0.25
2017 Sep 06 1.00 1.25 2.95 +0.25
2018 Jan 17 1.25 1.50 3.45 +0.25
2018 Jul 11 1.50 1.75 3.70 +0.25
2018 Oct 24 1.75 2.00 3.95 +0.25
2005-2009
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
↱ 2004 Oct 19 2.50 2.75 4.25 +0.25 2007 Dec 04 4.25 4.50 6.00 –0.25
2005 Sep 07 2.75 3.00 4.25 +0.25 2008 Jan 22 4.00 4.25 5.75 –0.25
2005 Oct 01 3.00 3.25 4.75 +0.25 2008 Mar 04 3.50 3.75 5.25 –0.50
2005 Oct 03 2.75 3.00 4.50 –0.25 2008 Apr 22 3.00 3.25 4.75 –.25
2005 Oct 18 3.00 3.25 4.75 +0.25 2008 Oct 08 2.50 2.75 4.75 –0.50
2005 Dec 06 3.25 3.50 5.00 +0.25 2008 Oct 21 2.25 2.50 4.00 –0.25
2006 Jan 24 3.50 3.75 5.25 +0.25 2008 Dec 09 1.50 1.75 3.50 –0.75
2006 Mar 07 3.75 4.00 5.50 +0.25 2009 Jan 20 1.00 1.25 3.00 –0.50
2006 Apr 25 4.00 4.25 5.75 +0.25 2009 Mar 03 0.50 0.75 2.00 –0.50
2006 May 24 4.25 4.50 5.75 +0.25 2009 Apr 21 ↰ 0.25 0.50 2.25 –0.25
2007 Jul 10 4.50 4.75 6.25 +0.25 —
2000-2004
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
↱ 1999 Nov 01 4.75 5.00 6.50 +0.25 2002 Jan 01 2.00 2.25 3.75 –0.25
2000 Feb 01 5.00 5.25 6.75 +0.25 2002 Apr 01 2.25 2.50 4.00 +0.25
2000 Mar 01 5.25 5.50 7.00 +0.25 2002 Jun 01 2.50 2.75 4.25 +0.25
2000 May 01 5.75 6.00 7.50 +0.50 2002 Jul 01 2.75 3.00 4.50 +0.25
2001 Jan 01 5.50 5.75 7.25 –0.25 2003 Mar 01 3.00 3.25 4.75 +0.25
2001 Mar 01 5.00 5.25 6.75 –0.50 2003 Apr 01 3.25 3.50 5.00 +0.25
2001 Apr 01 4.75 5.00 6.50 –0.25 2003 Jul 01 3.00 3.25 4.75 –0.25
2001 May 01 4.50 4.75 6.25 –0.25 2003 Sep 01 2.75 3.00 4.50 –0.25
2001 Jul 01 4.25 4.50 6.00 –0.25 2004 Jan 20 2.50 2.75 4.25 –0.25
2001 Aug 01 4.00 4.25 5.75 –0.25 2004 Mar 02 2.25 2.50 4.00 –0.25
2001 Sep 01 3.50 3.75 5.25 –0.50 2004 Apr 13 2.00 2.25 3.75 –0.25
2001 Oct 01 2.75 3.00 4.50 –0.75 2004 Sep 08 2.25 2.50 3.75 +0.25
2001 Nov 01 2.25 2.50 4.00 –0.50 2004 Oct 19 ↰ 2.50 2.75 4.25 +0.25
1995-1999
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
↱ 1994 Dec 01 6.25 6.50 8.00 +1.00 1996 Jul 01 4.50 4.75 6.25 –0.25
1995 Jan 01 7.50 7.75 9.25 +1.25 1996 Aug 01 4.00 4.25 5.75 –0.50
1995 Feb 01 7.75 8.00 9.50 +0.25 1996 Oct 01 3.25 3.50 5.00 –0.75
1995 Mar 01 8.00 8.25 9.75 +0.25 1996 Nov 01 3.00 3.25 4.75 –0.25
1995 May 01 7.50 7.75 9.25 –0.50 1997 Oct 01 3.50 3.75 5.25 +0.50
1995 Jun 01 7.00 7.25 8.75 –0.50 1997 Nov 01 3.75 4.00 5.50 +0.25
1995 Jul 01 6.50 6.75 8.25 –0.50 1997 Dec 01 4.25 4.50 6.00 +0.50
1995 Aug 01 6.25 6.50 8.00 –0.25 1998 Feb 01 4.75 5.00 6.50 +0.50
1995 Nov 01 6.00 6.25 7.75 –0.25 1998 Sep 01 5.50 5.75 7.25 +0.75
1995 Dec 01 5.75 6.00 7.50 –0.25 1998 Oct 01 5.25 5.50 7.00 –0.25
1996 Jan 01 5.50 5.75 7.25 –0.25 1998 Nov 01 5.00 5.25 6.75 –0.25
1996 Feb 01 5.25 5.50 7.00 –0.25 1999 Apr 01 4.75 5.00 6.50 –0.25
1996 Mar 01 5.00 5.25 6.75 –0.25 1999 May 01 4.50 4.75 6.25 –0.25
1996 Apr 01 4.75 5.00 6.50 –0.25 1999 Nov 01 ↰ 4.75 5.00 6.50 +0.25
1990-1994
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
↱ 1989 Mar 01 11.75 12.00 13.50 +0.75 1992 Jun 01 5.25 5.50 7.00 –0.50
1990 Feb 01 12.50 12.75 14.25 +0.75 1992 Jul 01 5.00 5.25 6.75 –0.25
1990 Apr 01 13.00 13.25 14.75 +0.50 1992 Aug 01 4.75 5.00 6.50 –0.25
1990 Aug 01 12.50 12.75 14.25 –0.50 1992 Sep 01 4.50 4.75 6.25 –0.25
1990 Sep 01 12.00 12.25 13.75 –0.50 1992 Oct 01 6.00 6.25 7.75 +1.50
1990 Nov 01 11.50 11.75 13.25 –0.50 1992 Nov 01 8.00 8.25 9.75 +2.00
1990 Dec 01 11.00 11.25 12.75 –0.50 1992 Dec 01 5.50 5.75 7.25 –2.50
1991 Jan 01 10.50 10.75 12.25 –0.50 1993 Jan 01 5.00 5.25 6.75 –0.50
1991 Feb 01 9.50 9.75 11.25 –1.00 1993 Feb 01 4.75 5.00 6.50 –0.25
1991 Apr 01 9.00 9.25 10.75 –0.50 1993 Mar 01 4.25 4.50 6.00 –0.50
1991 May 01 8.00 8.25 9.75 –1.00 1993 Jul 01 4.00 4.25 5.75 –0.25
1991 Sep 01 7.75 8.00 9.50 –0.25 1993 Nov 01 3.75 4.00 5.50 –0.25
1991 Oct 01 7.00 7.25 8.75 –0.75 1994 Mar 01 4.50 4.75 6.25 +0.75
1991 Nov 01 6.75 7.00 8.50 –0.25 1994 Apr 01 5.00 5.25 6.75 +0.50
1991 Dec 01 6.25 6.50 8.00 –0.50 1994 Jun 01 6.25 6.50 8.00 +1.25
1992 Jan 01 5.75 6.00 7.50 –0.50 1994 Jul 01 5.75 6.00 7.50 –0.50
1992 Mar 01 6.50 6.75 8.25 +0.75 1994 Aug 01 5.50 5.75 7.25 –0.25
1992 Apr 01 6.00 6.25 7.75 –0.50 1994 Sep 01 5.25 5.50 7.00 –0.25
1992 May 01 5.75 6.00 7.50 –0.25 1994 Dec 01 ↰ 6.25 6.50 8.00 +1.00
1985-1989
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
↱ 1984 Dec 01 9.50 9.75 11.25 –0.75 1987 Jan 01 7.50 7.75 9.25 –0.50
1985 Jan 01 9.25 9.50 11.00 –0.25 1987 Mar 01 7.00 7.25 8.75 –0.50
1985 Feb 01 9.75 10.00 11.50 +0.50 1987 Apr 01 7.50 7.75 9.25 +0.50
1985 Mar 01 10.00 10.25 11.75 +0.25 1987 May 01 7.75 8.00 9.50 +0.25
1985 Apr 01 9.00 9.25 10.75 –1.00 1987 Aug 01 8.25 8.50 10.00 +0.50
1985 May 01 8.75 9.00 10.50 –0.25 1987 Oct 01 8.00 8.25 9.75 –0.25
1985 Aug 01 8.50 8.75 10.25 –0.25 1988 Apr 01 8.50 8.75 10.25 +0.50
1985 Oct 01 8.25 8.50 10.00 –0.25 1988 Jun 01 9.00 9.25 10.75 +0.50
1986 Jan 01 9.25 9.50 11.00 +1.00 1988 Aug 01 9.50 9.75 11.25 +0.50
1986 Feb 01 11.25 11.50 13.00 +2.00 1988 Sep 01 10.00 10.25 11.75 +0.50
1986 Mar 01 10.25 10.50 12.00 –1.00 1988 Dec 01 10.50 10.75 12.25 +0.50
1986 Apr 01 9.50 9.75 11.25 –0.75 1989 Feb 01 11.00 11.25 12.75 +0.50
1986 May 01 8.50 8.75 10.25 –1.00 1989 Mar 01 ↰ 11.75 12.00 13.50 +0.75
1986 Jul 01 8.00 8.25 9.75 –0.50 —
1980-1984
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
↱ 1979 Nov 01 13.25 13.50 15.00 +0.25 1982 Mar 01 15.25 15.50 17.00 +0.50
1980 Mar 01 14.00 14.25 15.75 +0.75 1982 Jun 01 16.50 16.75 18.25 +1.25
1980 Apr 01 15.00 15.25 16.75 +1.00 1982 Jul 01 15.50 15.75 17.25 –1.00
1980 May 01 12.00 12.25 13.75 –3.00 1982 Aug 01 14.25 14.50 16.00 –1.25
1980 Jun 01 11.50 11.75 13.25 –0.50 1982 Sep 01 13.25 13.50 15.00 –1.00
1980 Jul 01 10.50 10.75 12.25 –1.00 1982 Oct 01 12.00 12.25 13.75 –1.25
1980 Oct 01 11.00 11.25 12.75 +0.50 1982 Nov 01 11.25 11.50 13.00 –0.75
1980 Nov 01 12.00 12.25 13.75 +1.00 1982 Dec 01 10.75 11.00 12.50 –0.50
1980 Dec 01 16.50 16.75 18.25 +4.50 1983 Jan 01 10.25 10.50 12.00 –0.50
1981 Mar 01 16.00 16.25 17.75 –0.50 1983 Feb 01 9.75 10.00 11.50 –0.50
1981 Apr 01 16.50 16.75 18.25 +0.50 1983 Apr 01 9.25 9.50 11.00 –0.50
1981 May 01 17.75 18.00 19.50 +1.25 1984 Mar 01 9.75 10.00 11.50 +0.50
1981 Jun 01 18.25 18.50 20.00 0.50 1984 May 01 10.25 10.50 12.00 +0.50
1981 Jul 01 19.25 19.50 21.00 +1.00 1984 Jun 01 10.75 11.00 12.50 +0.50
1981 Aug 01 21.00 21.25 22.75 +1.75 1984 Jul 01 11.75 12.00 13.50 +1.00
1981 Sep 01 19.50 19.75 21.25 –1.50 1984 Aug 01 11.25 11.50 13.00 –0.50
1981 Oct 01 18.25 18.50 20.00 –1.25 1984 Oct 01 10.75 11.00 12.50 –0.50
1981 Nov 01 15.50 15.75 17.25 –2.75 1984 Nov 01 10.25 10.50 12.00 –0.50
1982 Jan 01 14.75 15.00 16.50 –0.75 1984 Dec 01 ↰ 9.50 9.75 11.25 –0.75
1975-1979
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
↱ 1974 Nov 01 9.25 9.50 11.00 –0.50 1978 Apr 01 7.50 7.75 9.25 +0.50
1975 Jan 01 8.75 9.00 10.50 –0.50 1978 Aug 01 8.00 8.25 9.75 +0.50
1975 Feb 01 7.75 8.00 9.50 –1.00 1978 Sep 01 8.50 8.75 10.25 +0.50
1975 Mar 01 7.25 7.50 9.00 –0.50 1978 Oct 01 9.25 9.50 11.00 +0.75
1975 Sep 01 8.00 8.25 9.75 +0.75 1978 Nov 01 9.75 10.00 11.50 +0.50
1976 Mar 01 8.50 8.75 10.25 +0.50 1979 Jan 01 10.25 10.50 12.00 +0.50
1976 Nov 01 8.00 8.25 9.75 –0.50 1979 Jul 01 10.75 11.00 12.50 +0.50
1976 Dec 01 7.50 7.75 9.25 –0.50 1979 Sep 01 11.25 11.50 13.00 +0.50
1977 Feb 01 7.00 7.25 8.75 –0.50 1979 Oct 01 13.00 13.25 14.75 +1.75
1977 Jun 01 6.50 6.75 8.25 –0.50 1979 Nov 01 ↰ 13.25 13.50 15.00 +0.25
1978 Mar 01 7.00 7.25 8.75 +0.50 —
1970-1974
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
— 1973 May 01 5.25 5.50 7.00 +0.50
↱ 1969 Jul 01 6.75 7.00 8.50 +0.50 1973 Jun 01 6.00 6.25 7.75 +0.75
1970 Jul 01 6.25 6.50 8.00 –0.50 1973 Aug 01 6.50 6.75 8.25 +0.50
1970 Nov 01 5.75 6.00 7.50 –0.50 1973 Sep 01 7.25 7.50 9.00 +0.75
1971 Jan 01 5.25 5.50 7.00 –0.50 1973 Dec 01 7.75 8.00 9.50 +0.50
1971 Mar 01 4.75 5.00 6.50 –0.50 1974 Apr 01 8.75 9.00 10.50 +1.00
1971 Oct 01 4.50 4.75 6.25 –0.25 1974 May 01 9.25 9.50 11.00 +0.50
1971 Nov 01 4.25 4.50 6.00 –0.25 1974 Jul 01 9.75 10.00 11.50 +0.50
1973 Apr 01 4.75 5.00 6.50 +0.50 1974 Nov 01 ↰ 9.25 9.50 11.00 –0.50
1960-1969
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
↱ 1959 Apr 01 4.00 4.25 5.75 +0.25 1968 Feb 01 5.25 5.50 7.00 +0.50
1961 Jun 01 3.75 4.00 5.50 –0.25 1968 May 01 5.50 5.75 7.25 +0.25
1962 Jul 01 4.25 4.50 6.00 +0.50 1968 Jul 01 5.25 5.50 7.00 –0.25
1962 Nov 01 4.00 4.25 5.75 –0.25 1968 Sep 01 5.00 5.25 6.75 –0.25
1965 Dec 01 4.25 4.50 6.00 +0.25 1969 Jan 01 5.25 5.50 7.00 +0.25
1967 Apr 01 4.00 4.25 5.75 –0.25 1969 Mar 01 5.75 6.00 7.50 +0.50
1967 Oct 01 4.25 4.50 6.00 +0.25 1969 Jun 01 6.25 6.50 8.00 +0.50
1967 Dec 01 4.75 5.00 6.50 +0.50 1969 Jul 01 ↰ 6.75 7.00 8.50 +0.50
1935-1959
Date OvN BkR Prime Diff Date OvN BkR Prime Diff
1935 Jan 01 3.75 4.00 5.50 n/a 1957 Aug 01 4.00 4.25 5.75 +0.25
1936 Jun 01 3.25 3.50 5.00 –0.50 1957 Dec 01 3.75 4.00 5.50 –0.25
1944 Nov 01 2.75 3.00 4.50 –0.50 1958 Feb 01 3.50 3.75 5.25 –0.25
1956 Apr 01 3.25 3.50 5.00 +0.50 1959 Mar 01 3.75 4.00 5.50 +0.25
1956 Aug 01 3.50 3.75 5.25 +0.25 1959 Apr 01 ↰ 4.00 4.25 5.75 +0.25
1956 Oct 01 3.75 4.00 5.50 +0.25 —
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