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Big banks join shift to a lower prime rate

By With Analysis From Monitor Correspondents Around The World, Edited By Mark Muth / September 16, 1981

New York

Several big banks today joined the trend to a 20 percent prime rate, cutting their base rate on business loans by half a percentage point. Banking industry officials and Wall Street analysts had expected the moves in view of declining short-term interest rates in the money markets, an important source of funds for major banks.

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