RBC leads big banks to cut prime rate to 5.45% following Bank of Canada
Canada's biggest banks are reducing their lending rates
Canada’s big banks cut their prime rates following the lead of the Bank of Canada Wednesday.
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Royal Bank of Canada announced Wednesday afternoon that it was decreasing its prime rate by 50 basis points (bps) to 5.45 per cent from 5.95 per cent, effective Dec. 12.
RBC was followed by Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce, National Bank of Canada, Desjardins Group, Laurentian Bank of Canada and Bank of Nova Scotia which also cut by 50 bps to 5.45 per cent.
The Bank of Canada cut its benchmark lending rate by 50 basis points to 3.25 per cent.
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