BOE holds its rate at 0.25%

BOE holds its rate at 0.25%

The Bank of England kept its benchmark interest rate intact and also announced no change to its asset purchase facility program, as Britain’s major bank revealed on Thursday.

The BOE accounted that it was holding the benchmark interest rate at about 0.25%, which is a widely expected move. Additionally, the major bank also informed that it was about to maintain the stock of asset purchases funded by the issuance of major bank reserves at £435 billion.

Minutes from the major bank's policy gathering revealed that eight members were in favor of leaving the major interest rate at the current record minimum of 0.25%.

By the way, dissenting member Kristin Forbes baсked a 0.25% lift in the benchmark rate to 0.50%.

Market experts expected the Bank of England to vote 9-0 to keep its policy steady.

The currency pair GBP/USD was trading at 1.2320 from approximately 1.2260 ahead of the announcement. Meanwhile, EUR/GBP hit 0.8705, compared with the previous outcome of 0.8746 earlier.

gbp

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