Royal Bank raises prime lending rate to 3.45% in wake of Bank of Canada decision

TORONTO -- The Royal Bank of Canada (TSX:RY) is raising its prime lending rate by a quarter of a percentage point in the wake of the Bank of Canada's decision to raise its key interest rate target.

The increase raises RBC's rate to 3.45 per cent, effective Thursday.

Changes in the prime rate affect variable-rate mortgages, lines of credit and other lending linked to the benchmark rate.

The Bank of Canada raised its target for the overnight rate to 1.25 per cent on Wednesday following a string of strong economic data.

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