WAEC - Economics (2013 - No. 31)
All rates of interest in a country are influenced by the
bank rate
population growth rate
wage rate
mortgage rate
Explanation
A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans. Interest rates charged by money lenders and financial institutions are influenced by the official bank rates. Banks are prohibited from setting their own interest rates.