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RBC leads big banks to cut prime rate to 5.45% following Bank of Canada
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Canada’s big banks cut their prime rates following the lead of the Bank of Canada Wednesday.
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 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.
Read more on financialpost.comAbout this in other media
Here's what's driving the Bank of Canada's next rate cut: CIBC financialpost.com /1 day ago
Bets are high for another big cut by the Bank of Canada on Wednesday financialpost.com /1 day ago
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