Newspaper article The Canadian Press

Parliament Audio 3:25 PM ET

Newspaper article The Canadian Press

Parliament Audio 3:25 PM ET

Article excerpt

Parliament Audio 3:25 PM ET

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P09 - (BoC-Interest-Rate) OTTAWA. x-15s. The big banks are reacting after the Bank of Canada hiked its benchmark interest rate today by a quarter of a percentage point to 0.75 per cent. Jean-François Perrault, chief economist at Scotiabank, says even though inflation in Canada is low, it was time for rates to go up because prices are likely to increase into next year. ("..factors softens.") (SOURCE:The Canadian Press)

TAG: Three of Canada's biggest banks are boosting their prime lending rates by 25 basis points after the Bank of Canada announced an increase in its key rate target. The prime lending rate is the rate that banks use to set interest rates for variable-rate mortgages and other loans such as lines of credit. …

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