Several big banks lower their prime rates to 11%

Several major US banks reduced their prime interest rates by half a percentage point Tuesday, to 11 percent, the lowest level in more than two years.

Morgan Guaranty, the fourth-largest bank, fell into line with Chase Manhattan , which began the latest round of reductions Dec. 28. Also following were Chemical Bank, First National Bank of Chicago, Citibank, and BankAmerica.

of stories this month > Get unlimited stories
You've read  of  free articles. Subscribe to continue.

Unlimited digital access $11/month.

Get unlimited Monitor journalism.