Banks Lower Prime Rates to 5.95% After Bank of Canada Move

Bank of Canada Governor Tiff Macklem holds a press conference at the Bank of Canada in Ottawa on Oct. 23, 2024. The Canadian Press/Sean Kilpatrick

Canadian financial institutions say they are lowering their prime lending rates to match the decrease announced by the Bank of Canada.

The central bank lowered its key interest rate by half a percentage point Wednesday to 3.75 percent.