British central bank continues to keep interest rate at record low

08:47, May 11, 2010      

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The Bank of England (BOE) decided on Monday that it has held the short-term interest rates at the record low of 0.5 percent and maintained the size of the Asset Purchase Programme at 200 billion pounds.

The Bank of England, the central bank of Britain, said in a brief statement that its Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 percent.

The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at 200 billion pounds.

The BOE decided to keep the short-term interest rates at a record-low level at the time when the British economy is recovering from a deep recession slowly. The British government reported last month that the economy increased by 0.2 percent in the first quarter of this year over the previous quarter.

The Bank of England cut its interest rates to a historical-low of 0.5 percent in March of 2009 in an attempt to boost the recession-hit economy and has kept the rates at this level since then.



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