Large Banks Raise Prime Rate to 7 Pet
NEW YOltY, May 28 (UPI) ÛÓThe nationÛªs largest hanks raised their prime lending rale a quarter-point to 7 per cent today, reflecting a general increase in shortterm interest rales.</br></br>. The banks, including the three biggest ÛÓ Bank of America, Citibank and Chase Manhattan ÛÓ announced immediate boosts in the interest they charge their most credit-worthy corporate borrowers.</br></br>The moves have no direct immediate impact on the loan rates for individual customers, who are charged interest well above the prime rates. However, a protracted trend in either direction eventually affects all borrowers.</br></br>The banking industry's higher prime had been expected as a result of increases in the interest rates now being charged on other forms of credit, such as com-</br></br>The rate for 90-day, dealer-placed commercial paper rose a quarter-point in the latest reporting week, indicating a rise in prime rates was likely.