Quote:
Originally Posted by The Fonz
Isn't Prime up to 4.7% today?
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People seem to be confusing terms. Prime is set by each FI individually. As the BoC rate goes up, so too do most FIs raise their prime rate because it costs them more to borrow money.
Prime is usually the same at all FIs but can be slightly different from time to time. Not usually longer than a day, as they all tend to mirror changes.