BoE Holds Interest Rate; Continues GBP 175 Bln Asset Purchase Scheme

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Thursday, the Bank of England retained its interest rate for the sixth consecutive month. The Monetary Policy Committee of the central bank also voted to continue its asset purchase programme totaling GBP 175 billion using the central bank reserves.

As expected, the MPC decided to hold the official Bank Rate paid on commercial bank reserves at 0.5%. The rate now stands at the lowest level since the central bank was established in 1694. The previous change in the rate was a reduction of 0.5 percentage points in March 2009.

The minutes of the meeting will be published on September 23.

Thursday, the Bank of England retained its interest rate for the sixth consecutive month. (Market News Provided by RTTNews)