Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Interest Rates

News : Interest Rates
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

Canada's top lenders cut prime rates after central bank's surprise move

share with twitter share with LinkedIn share with facebook
share via e-mail
03/27/2020 | 09:04pm EDT
The Royal Bank of Canada logo is seen outside of a branch in Ottawa

Canada's top lenders lowered their prime rates by 50 basis points on Friday, hours after the central bank unexpectedly cut its key interest rate to help the county weather the economic fallout of the coronavirus pandemic.

Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia , Bank of Montreal and Canadian Imperial Bank of Commerce all cut their prime rates to 2.45%, effective March 30.

The Bank of Canada cut its overnight interest rate by 50 basis points to 0.25%, its lowest level since June 2010 and the third cut in March.

Separately, Canada's financial regulator eased its capital and liquidity requirements for banks, changed credit loss provisioning and allowed more loans to be securitized.

The pandemic has forced several governments to take actions as businesses grind to a halt and several retailers close stores to curb the spread of the highly-contagious diseases, leaving many people jobless.

To date, Canada has reported 4,689 coronavirus cases and 53 deaths.

The U.S. Federal Reserve has also cut interest rates twice in less than two weeks in March, emergency moves to help shore up the economy in the face of the damage caused by the virus.

(Reporting by Nivedita Balu in Bengaluru; Additional reportying by Nichola Saminather in Toronto; Editing by Sriraj Kalluvila and Daniel Wallis)

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Interest Rates"
01:37pBank of Canada holds rates steady, says COVID-19 impact has likely peaked
RE
01:37pManulife CEO says lower rates for longer is 'new headwind'
RE
06/02JPMorgan, Barclays settle Mexican bond rigging litigation
RE
06/01Utilities Up As Rates Views, Momentum Spark Gains -- Utilities Roundup
DJ
06/01LOWER AND LOWER : Emerging-market central banks cut rates for 16th month
RE
05/29Utilities Up As Momentum, Low Rates Carries Sector Near Breakeven For 2020 -- Utilities Roundup
DJ
05/29Deutsche Bank to issue first green bond - sources
RE
05/29Bank of Canada to hold rates at 0.25% through end of next year - Reuters poll
RE
05/29Russia to continue cutting rates amid virus-boosted economic contraction - Reuters poll
RE
05/29China to extend interbank bond market trading hours to woo foreign investors - sources
RE
Latest news "Interest Rates"