The Bank of Canada increased its key interest rate by half a percentage point on Wednesday.
The prime rate was going to be increased by 50 basis points by Royal Bank of Canada, HSBC Bank Canada, and other banks.
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The central bank surprised markets by hiking less than expected, signalling that it was close to the end of its rate hike cycle.
It was clear that more hikes are on the way as inflation continues to rise.
The Bank of Canada is close to the end of the tightening phase, but not there yet, according to the governor.
The central bank has raised its key interest rate six times in the last six months.
Canadian Press reports additional information.
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