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Big US banks cut prime rate 19%

By With Analysis From Monitor correspondents Around The World, Edited by Clara Germani / October 6, 1981

New York

Most major banks cut their prime rate on business loans by half a percentage point Monday, to 19 percent, reflecting lower rates they pay for funds in the money markets. Of the nation's biggest banks, only Citibank, ranked second by deposits, had not made the change by late in the day. Citibank normally announces its prime rate each Tuesday.

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