prevailing rate
nounUK /prɪˈveɪlɪŋ reɪt/
US /prɪˈveɪlɪŋ reɪt/
The usual amount of money people pay for something at a certain time.
The bank charged the prevailing rate for a loan.
RELATED WORDS
OTHER MEANINGS
2. The most common speed or level at which something happens.
The prevailing rate of rainfall in the region is high.
3. The typical amount paid to workers for a job in an area.
The company pays the prevailing rate for construction workers.
4. The usual charge for exchanging one currency for another.
Travelers got the prevailing rate at the airport exchange desk.