Canadian Banks Cut Rates To Lowest Level in 2 Years
April 04, 2011
OTTAWA -- Canada's major banks lowered their prime lending rates by one-quarter percentage point to 6.25%, the lowest level in more than two years. The prime rate is a benchmark for various lending charges. The new rate is effective Tuesday. The decline followed a reduction in the Bank of Canada's bank rate last week to 4.75% from 5%. The bank rate is the rate the central bank charges on loans to major financial institutions and a key indicator of the stance of the Bank of Canada's policy.
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