The Fed's overnight lending rate is currently 5.25%, up from 1% two years ago.
Therefore, the responsibility lies with the borrower to decide if a particular lending rate is acceptable.
By Dec. 12, 1980, the prime-lending rate in the U.S. was up to 20.5%.
One Fed official thinks the first boost in the short-term lending rate won't occur until 2016.
The Fed also lowered its emergency discount window lending rate to 1.25%, from 1.75%, on Wednesday.
Earlier in the day the ECB had kept its key lending rate at 0.75%, as expected.
China raised its benchmark one-year lending rate to 5.58% at the end of October from 5.31%.
On Tuesday, the three-month inter-bank lending rate declined to 4.63% from 4.83% late last week.
Councillor Vince Maple said Medway Council wanted a cap on the total lending rate to be introduced.
It is much more critical in determining interest rates in the economy such as banks' prime lending rate.
The U.S. Federal Reserve confirmed widely held expectations, announcing it will leave its overnight lending rate unchanged at 5.25%.
The 7% bank lending rate in Singapore, which is acceptable, approaches 12% in South Korea and 20% in Indonesia.
The bank cut its lending rate by a quarter percentage point on Jan. 29--the first reduction since April 2012.
The Bank left its main lending rate on hold at 6% again last week for the third successive month.
The prime lending rate is 2.5% a month, or about 30% a year.
The Fed slashed its overnight lending rate 50 points, to 1%, as expected on Wednesday, its lowest level since June 2003.
Mr Wheatley is also conducting a review of Libor, the inter-bank lending rate that has been discredited following manipulation by traders.
In March, the central bank cut its lending rate by a quarter percentage point, which was its second rate reduction in 2013.
Senior loans pay interest at rates that are determined periodically by reference to a base lending rate, primarily LIBOR, plus a premium.
FORBES: Pick Of The Week: High Yield Fund With Inflating Returns
The shadow home secretary said it was a scandal no-one has been arrested for the "multi-billion pound" Libor inter-bank lending rate fraud.
Only recently have the inflation levels eased below 4%, prompting the Chinese central bank to cut its key lending rate in June.
FORBES: Caterpillar Feels The Pinch Of High Interest Rates In China
The eurozone's benchmark lending rate stands at 4.00%, but the next cut by the ECB probably won't be till the second half of 2008.
Another lending rate cut is likely following the soft May leading indicators and weak new lending in the first four weeks of the month.
The local markets opened higher but fell immediately after the central bank reduced its key lending rate by a quarter of a percentage point.
On the first working day of the year, however, the highly influential Bank of England lowered its key lending rate from a century-high 7%.
FORBES: Despite New Highs, 2013 May Be More Heartbreak Than Very Good Year
Borrowing costs have surged as the central bank raised its policy lending rate 13 times between early 2010 and late 2011 to control inflation.
Intially, seven banks, including HSBC and Royal Bank of Scotland, were questioned in the U.S. for alleged manipulation of the Libor inter-bank lending rate.
FORBES: LIBOR Liabilities: How litigation will drive down banks profitability for years to come...
The Fed also cut its emergency lending rate by a quarter of a percent, an action that came a surprising two days earlier than expected.
In leaving its key lending rate unchanged at 5.25% Wednesday, the Federal Reserve gave a nod toward acknowledging both a stronger economy and stabilizing inflation.
应用推荐