Bank of England holds interest rate

Baku. 3 November. REPORT.AZ/ Bank of England (BoE) decided to hold interest rate at historic 0.25% after its meeting held on November 3.

Report informs, all 9 members of bank’s Monetary Policy Committee voted for the decision. They also held bond-buying program target at GBP 435 billion ($537.7 billion) and the bank will continue to buy up GBP 10 billion ($12.4 billion) worth of corporate bonds. Both decisions coincide with experts’ forecasts. BoE said it will not cut interest rates until year-end.

Notably, BoE reduced interest rates from 0.5% to 0.25% in August after Brexit referendum to stimulate the economy.