Bank rate financial definition of bank rate
bank rate see INTEREST RATE. bank rate the former ‘official’ INTEREST RATE that was administered by the government as part of MONETARY POLICY in controlling the economy. Bank rate operated as the BASE RATE for the banking system, influencing interest rates charged on bank loans, mortgages and instalment credit. Bank rate was replaced in 1972 by the ‘minimum lending rate’, which itself . . .
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