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Royal Bank raises prime rate to 37 per cent following Bank ofRoyal Bank raises prime rate to 37 per cent following Bank of

TORONTO — The Royal Bank has raised its prime lending rate after the Bank of Canada increased its overnight lending rate to financial institutions.RBC says it will increase its prime rate by a quarter of a percentage point to 3.70 per cent, effective Thursday.The rate has been set at 3.45 per cent.What the Bank of Canada rate hike means for your mortgage and savings accountBank of Canada raises rates as Poloz’s tale of recovery from Great Recession finally comes trueThe increase will raise the cost of borrowing for customers with loans linked to the prime rate such as variable rate mortgages and lines of credit.The Bank of Canada raised its target for the overnight rate to 1.5 per cent today.It was the central bank’s fourth rate increase in the last 12 months.