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Royal Bank of Canada, TD Bank cut prime rate to 4.95%, following Bank of Canada’s lead

Reduction takes effect March 13



Following a Bank of Canada interest rate cut to 2.75%, major Canadian banks, including Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Laurentian Bank of Canada, Desjardins Group, National Bank of Canada, and Equitable Bank, reduced their prime lending rate by 25 basis points to 4.95%, effective March 13.

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