March 16, 2020 / 8:00 PM / in 3 months

Royal Bank of Canada to cut prime rate to 2.95%

TORONTO, March 13 (Reuters) - Royal Bank of Canada will reduce its prime rate to 2.95%, the lowest level since August 2017, from 3.45%, effective Tuesday, the lender said in a statement.

Royal Bank is the first Canadian lender to pass on the Bank of Canada’s second 50-basis-point interest-rate cut in 10 days in full to borrowers. (Reporting by Nichola Saminather; Editing by Sandra Maler)

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