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Royal Bank of Canada ups prime rate to 4.5 percent

7/16/2002 9:13:30 AM
TORONTO, July 16 (Reuters) - Royal Bank of Canada (CA:RY) said on Tuesday it would increase its prime rate to 4.5 percent from 4.25 percent, effective July 17.

The bank's announcement followed the Bank of Canada's decision to increase its overnight interest rate by 0.25 percentage points to 2.75 percent and also the bank rate by 0.25 percentage points to 3.0 percent.

Other Canadian banks are expected to follow suit.

The prime rate is the interest rate banks charge their best customers for loans.



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