| Correlation between Bank of Canada's benchmark lending rate, and Prime lending rate |
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HackedB
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l was watching the news tonight and they mentioned that the Bank of Canada was lowering it lending rate by 0.5% to bring it down to 2%. Currently though, prime interest rate is 4.25% at most banks. l can not seem to find a good explanation of how these two rates are connected. l figured someone here would know! Thanks.
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Wil
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The interest rate set by Bank of Canada is called ''target for the overnight rate.'' It is the interest rate at which major financial institutions borrow and lend one-day (or ''overnight'') funds among themselves; the Bank sets a target level for that rate.
Prime rate is the rate at which banks lend the money to its ''favored'' consumers. So they make at least 2% from the $ they borrow from other banks.
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