U.S. prime rates back to 20p.c.
PA New York Two major U.S. banks yesterday raised their prime lending rates to 20 per cent, the prevailing rate among the nation's leading banks. Chemical had cut its rate to 19 per cent a week ago. Citibank, the no. 2 bank in the nation, dropped its prime lending rate to 19.5 per cent from 20 per cent on June 16 and two other large banks followed, but Marine Midland Bank of Buffalo. New York, and Bankers Trust of New York returned their prime rates to 20 per cent last Friday. Meanwhile, the Treasury Secretary (Mr Donald Regan) yesterday reiterated his contention that interest rates will come down this year but T don't want to say (by) how much." Speaking to a conference in Washington sponsored by the American Stock Exchange, Regan said the Federal Reserve seems to have growth in the nation's money supply under control.
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Press, 24 June 1981, Page 24
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153U.S. prime rates back to 20p.c. Press, 24 June 1981, Page 24
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