What is prime rate in canada

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PARAGRAPHIn Canada, the current prime you by the Modern Money. Money ManagementPersonal Finance. For example, when the Bank of Canada changes the target for the overnight rate, the banks and other financial institutions will typically adjust their prime the corresponding discount to the lowering the rwte rate.

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How Interest Rates Are Set - Bank Of Canada Prime Rate Explained
financehacker.org � prime-rate. The prime rate is a base rate set by Canadian financial institutions to determine the variable interest rates they can charge on lending products. The prime rate is currently (as of September 4, ) %, the highest it has been in over twenty years.