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The Royal Bank has raised its prime lending rate after the Bank of Canada increased its overnight lending rate to financial institutions.

RBC says it will increase its prime rate by a quarter of a percentage point to 3.70 per cent, effective Thursday.

The rate has been set at 3.45 per cent.

The increase will raise the cost of borrowing for customers with loans linked to the prime rate such as variable rate mortgages and lines of credit.

The Bank of Canada raised its target for the overnight rate to 1.5 per cent today.

It was the central bank’s fourth rate increase in the last 12 months.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 24/05/24 4:00pm EDT.

SymbolName% changeLast
RY-T
Royal Bank of Canada
+0.17%143.92
BNS-T
Bank of Nova Scotia
+0.45%65.27
BNS-N
Bank of Nova Scotia
+1.08%47.78
CM-T
Canadian Imperial Bank of Commerce
+0.3%66.39
BMO-T
Bank of Montreal
+0.47%130.48
TD-T
Toronto-Dominion Bank
+2.25%77.28
TD-N
Toronto Dominion Bank
+2.82%56.56
BMO-N
Bank of Montreal
+0.97%95.47

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