Economic news
Royal Bank of Canada raises prime rate to 3.2% after central bank hike
2022.04.13 21:51
FILE PHOTO: The Royal Bank of Canada (RBC) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie
TORONTO (Reuters) – Royal Bank of Canada said on Wednesday it will raise its prime lending rate by 50 basis points to 3.2% after the Bank of Canada increased its benchmark rate.
The higher prime rate, which variable-rate mortgages are tied to, will come into effect on Thursday, Canada’s biggest lender said.
