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BoE Interest Rate On Hold; QE Intact At GBP 325 Bln

Bank of England policymakers retained its record low interest rate and the size of its bond purchases unchanged as expected by economists.

At the end of two-day rate setting meeting on Thursday, the Monetary Policy Committee voted to retain the interest rate at 0.50 percent. The current rate is the lowest since the central bank was established in 1694.

The panel led by Governor Mervyn King also decided to continue with its programme of asset purchases totaling GBP 325 billion financed by the issuance of central bank reserves.

The Committee expects the programme of asset purchases to take another month to complete. The scale of the programme will be kept under review, the bank said. The BoE lifted the bond purchase programme by GBP 50 billion at the February meeting.

The BoE is set to publish the minutes of the latest meeting on April 18.

by RTT Staff Writer

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