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Why are Canadian banks quick to charge more for borrowing, but slow to increase savings account rates?

While Canada’s largest banks are charging more to lend money due to high interest rates, experts say they are failing to increase savings account rates in a similar way. Aimed at taming inflation, the Bank of Canada began implementing a series of interest rate hikes in March 2022. Click Here to Visit Orignal Source of Article https://www.ctvnews.ca/business/why-are-canadian-banks-quick-to-charge-more-for-borrowing-but-slow-to-increase-savings-account-rates-1.6298466

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