Definitions for "Bank Rate"
The official rate of interest charged by the Bank of England acting in its role as lender of last resort to the financial institutions. In 1972 the rate was renamed Minimum Lending Rate (MLR) and was no longer to be determined by the government, but automatically by the current level of interest rates in the money market. But on 14 January 1985 the government returned to prescribing the level of MLR in order to control the volume of credit in the economy.
The interest rate charged by a bank for loans. Also, the discount rate set by a central bank.
The rate at which a central bank lends to members of its banking system.
Amount the bank charges the consumer (a percentage).