Banks cut prime rate to 4.70%, following Bank of Canada’s lead

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Bank buildings in Toronto's Financial District.Bank buildings in Toronto's Financial District. Photo by Wikimedia Commons

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The banks said they would decrease their prime rate by 25 basis points from 4.95 per cent to 4.70 per cent just hours after Canada’s central bank cut its interest rate by a quarter point to 2.5 per cent.

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The lower rate is effective Sept. 18.

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