Bank rate: this is the rate set by central banks (i.e. Bank of Canada, European Central Bank) that sets the interest rate at which it will lend to domestic banks. This can affect economic activity. When interest rates rise, people tend to hoard cash, spend less, take out less loans. When interest rates fall, people tend to spend and take out more loans since the money is “cheaper”.
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Thank you, Nicolas, for the explanation of the bank rates. I used to mix bank rates with the rate of exchange that governments set up as I believe. In some countries at least. I vaguely understood the idea of bank rates but, now I see exactly how it affects the economy.
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Anatoly, I understand, it can be an industry with lots of jargon but now we both know!
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