Arab Today, arab today boe keeps rate at 05 and 375bn in asset purchases
Last Updated : GMT 05:46:20
Arab Today, arab today
Arab Today, arab today

BOE keeps rate at 0.5% and ?375bn in asset purchases

Arab Today, arab today

Arab Today, arab today BOE keeps rate at 0.5% and ?375bn in asset purchases

Beijing - XINHUA

The Bank of England decides to keep its interest rate at 0.5%, which it had set in March 2009. At its Thursday meeting, the central bank’s Monetary Policy Committee voted to stick to its plan to keep interest rates at a record-low until employment picks up. The committee also decided to make no change to its asset purchases at 375 billion pounds, or just a little under 600 billion US dollars. New BOE governor Mark Carney vowed in August that the bank would not raise interest rates until the 7.7% unemployment rate falls below 7%. Analysts say Britain’s economy has shown signs of recovery, as reflected by the IMF’s latest forecast of 1.4 percent growth this year and 1.9% for 2014. This is the biggest raise by the IMF among advanced economies. The growing prospects mean Britain might be able to bring its unemployment rate down below 7% before late 2016. It is also unlikely to buy more assets in the future.

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