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English definition of “bank rate”

bank rate

the rate of interest that is set by a central bank , and which is the lowest rate at which it lends money to other banks . This rate affects the interest rates which are then charged to customers by the banks : Most people agreed that the bank rate would remain at 0.5% at least for the next 12 months . → See also base rate
the amount of interest that a bank charges : Falling bank rates have made interest-earning assets less attractive .
(Definition of bank rate noun from the Cambridge Business English Dictionary © Cambridge University Press)
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