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English definition of “bank rate”

bank rate

noun [C]     BANKING, FINANCE
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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