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English definition of “prime rate”

prime rate

noun [C]
 
 
US ( US also prime lending rate, US also prime interest rate)
FINANCE, BANKING, ECONOMICS the lowest rate of interest that banks charge their best customers for loans over a short period and that is used for calculating the interest rates on other types of loan: The adjustment is based on the highest prime rate listed in the Wall Street Journal during the previous 90 days. The prime rate is used as a base for a wide range of loans to businesses and individuals. → See also base rate
(Definition of prime rate from the Cambridge Business English Dictionary © Cambridge University Press)
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