Top Canadian banks raise prime rates after central bank rate hike

Top Canadian banks raise prime rates after central bank rate hike

Chris Wattie

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Bank of Canada increased interest rates to 1.25 percent as job growth and firmer inflation outweighed the cloud of NAFTA uncertainty.

Banks including Toronto-Dominion Bank , Bank of Montreal , Royal Bank of Canada , Canadian Imperial Bank of Commerce and Scotiabank raised their prime rates to 3.45 percent from 3.2 percent.

A higher prime rate will translate to higher interest rates on a wide range of loans that are keyed off the rate, including small business loans and some credit card loans.

(Reporting by John Benny in Bengaluru; Editing by Savio D'Souza)

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