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Big banks raise prime rate to 7.2% after Bank of Canada hike
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Canada’s big banks have started to increase their prime rate after the Bank of Canada raised its benchmark interest rate to five per cent.
Royal Bank of Canada, TD Canada Trust, Bank of Montreal and Canadian Imperial Bank of Commerce announced that they are increasing their prime rate by 25 basis points to 7.2 per cent from 6.95 per cent, effective on July 13.
Equitable Bank also announced it would raise its prime rate by the same amount.
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