Bank of England hikes interest rate for first time in 10 years

Baku. 2 November. REPORT.AZ/ Bank of England (BoE) hiked interest rates from 0.25% to 0.50% at today’s meeting. 

Report informs, BoE rises interest rate for the first time in 10 years. The bank also held levels of its £435 billion (570 billion dollars) quantitative easing program unchanged.

The pound dropped against dollar from 1.33 USD/GBP to 1.31 USD/GBP following the announcement.

Analytical Group of Report News Agency says that pound sterling dropped because financial markets forecasted the rise of interest rate and currency rate of pound sterling drastically increased in recent months. In other words, investors have already generated profit in GBP.