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Four major banks raise prime interest rate

  • By With Analysis From Monitor Correspondents Around The World
  • Edited By Susan Garland

| New York

The four major banks that cut their prime lending rate to 16 percent a week ago reversed the move. Chase Manhattan, Morgan Guaranty Trust, First National of Chicago, and Bankers Trust raised their base rate on business loans to 16.5 percent. Chase Manhattan said, ''The cost of funds over the past week has significantly exceeded this increase in the prime.''

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