Bank Rate | The Canadian Encyclopedia
The bank rate is the minimum interest rate charged by the Bank of Canada in its role as lender of last resort on short-term loans to the chartered banks and other members of the Canadian Payments Association that maintain deposits with the Bank, as well as to investment dealers. Generally the Bank has preferred to let market forces determine the bank rate, but it may on some occasions nudge the rate in a desired direction by open market operations or by changes in the cash reserves of the . . .
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