Major Banks respond to Bank of Canada hike

OTTAWA (CU)_The Bank of Canada last week, hiked its benchmark rate from a record-low 0.25 per cent to 0.50 per cent, and despite uncertainties surrounding Russia’s invasion of Ukraine, the central bank said interest rates would need to rise further. Accordingly, several major banks in the country raised their prime lending rates for the first time in over three years in response to the central bank’s decision.
Royal Bank of Canada, Bank of Montreal and Toronto-Dominion Bank on Wednesday, announced plans to…