RBC leads big banks to cut prime rate to 6.95% following Bank of Canada
Canada's biggest banks are reducing their lending rates
The Bank of Canada cut its key interest rate Wednesday and Canadian banks are following suit.
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Royal Bank of Canada announced Wednesday afternoon that it was decreasing its prime rate by 25 basis points to 6.95 per cent from 7.20 per cent, effective June 6.
RBC was followed by Laurentian Bank of Canada, Fédération des caisses Desjardins du Québec, Toronto-Dominion Bank, Bank of Montreal, Canadian Imperial Bank of Commerce and Equitable Bank which also cut by 25 bps.
Canada’s central bank cut its rate from five per cent to 4.75 per cent in the first reduction since March 2020.
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