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English definition of “bank rate”

bank rate

noun [C] uk   us  
the rate of interest set by a central bank in a country that is the lowest rate at which it lends money to other banks. This rate affects the interest rates that are then charged to customers by the banks. the amount of interest that a bank charges when it lends money
(Definition of bank rate from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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