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Bank of Canada raises interest rate to 1.75%

10/24/2018

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The Bank of Canada has raised its benchmark interest rate by a quarter point for the fifth time since last summer, pushing up the cost of borrowing for Canadians.
The bank's rate is now set at 1.75 per cent. That's the highest it's been in almost a decade, dating back to December 2008.

Known as the target for the overnight rate, the benchmark is what Canada's big banks charge each other for short-term loans. It filters down to consumers, because it affects the rates the banks offer their customers for things like variable rate mortgages and savings accounts.
That's already happening, as four of Canada's biggest banks increased their own prime rates by a quarter percentage point on Wednesday.
Royal Bank, TD, BMO and CIBC have all raised their prime lending rates from 3.70 to 3.95 per cent. Scotiabank is expected to follow suit soon, but all the new prime rates will be in effect as of Thursday morning.

https://www.cbc.ca/news/business/bank-canada-interest-rate-1.4875958

PEI Business Federation reacts on CBC Compass. Small business working capital loans and lines of credit will be impacted as well as variable mortgages. More increases expected in December.

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  • PEI Business
    • Atlantic Business Federation
    • PEI Members
    • PEI Business Directory
    • Nova Scotia Business Directory
    • NB Business Directory
    • Stay in PEI
  • Business News
    • News/Feeds/Links/Info
    • PEI Business Federation
    • PEI Business Issues
    • PEI Business Blog
  • Business Services
    • PEI Podcast Rentals
    • Photographer Services
    • Point of Sale Visa MC Debit
    • PEI Bookkeeping & Accounting Services
    • PEI Marketing & Promotions
    • PEI Signs and Printing Services
    • PEI Training, Courses, Online Study
    • PEI Computer, Software Discounts
    • PEI UPS Shipping & Courier Services
    • PEI Business & Personal Services
    • PEI Telephone/Cellular/Long Distance
    • PEI Drone Services
    • PEI internet service provider
    • PEI Web Presence Grant
    • PEI Furnace Oil Savings
  • Insurance Services
    • PEI Employee Benefits
    • Guaranteed Issue Health Plans
    • Blue Cross Travel Insurance
    • PEI Auto Insurance
    • PEI Home Insurance
    • PEI Business Liability Insurance
    • PEI Disability Benefits
    • Application for Disability Insurance
    • PEI Life & Personal Insurance
    • Application for Life Insurance
    • PEI Business Overhead Insurance
  • Financing Services
    • Credit Card Rewards Program
    • Atlantic Equipment Financing and Leasing
    • PEI Mortgage Brokers
    • PEI Point Of Sale Benefits
    • Businesses for Sale, Rent or Lease
    • PEI Small Loans Financing
    • PEI Financial Advisors
    • PEI Bankruptcy & Debt Management Services
    • PEI Loans, Lending, Financing and Banking
  • Web Services
    • Foodbooking Apps and Websites
    • Website Design Services >
      • Web Presence Grant ABF
    • Graphic Design Services
    • Virtual Creations Web Services Studio
    • App Design Services
    • Atlantic Virtual Mall
    • Booking.com Registration
    • Logo Design Studio
    • Atlantica Domains - PEI Business Domains
  • Register
    • Services Pricing
    • Monthly Membership
    • Monthly Full Website
    • Join ABF