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The Bank of England maintains interest rates and sterling trades vary

2018-09-13 12:48 pm | Resource: News | No Views : 216

The Bank of England left interest rates unchanged on Thursday, with a widely expected decision, and indicated that any further rises would be gradual, as developments are monitored with ongoing UK-EU BRIC negotiations.

The Bank of England's monetary policy committee voted unanimously to keep rates steady at 0.75%. "Any future rate increases in the interest rate are likely to be gradual and on a limited scale," the bank said in a policy summary.

The monetary authority in the UK decided to raise interest rates to this level in August, its highest level since March 2009, because it felt that the economy had recovered from its slowdown at the beginning of the year and pointed out that despite the slow growth of the British economy. Inflation was rising faster than the target.

The annual inflation rate is currently 2.5%, slightly higher than the Bank of England's target of 2% after falling from a peak of 3.1% in November. UK exit negotiations from the UK remain a major risk

Thursday's decision, which is still at a time of growing uncertainty over the conditions under which the UK will emerge from the European Union in March next year,

"The MPC continues to recognize that economic prospects can be significantly affected by the response of families, companies and financial markets to developments regarding the EU pullout process," the central bank said in the minutes.

"Since the previous meeting of the Commission, there were indicators, most notably in financial markets, of uncertainty about future developments in the withdrawal process."

The pound diverged slightly after the BoE updated

 British government debt prices remained weak on Thursday after the central bank left interest rates and bond purchases at current levels, while the country's currency remained tight against major currencies. Investors focused on the upcoming European Central Bank monetary policy statement. The Bank of England has warned of doubts about Britain's exit and protective measures imposed by the United States and China.

The pound was steady at 1.30478 and 0.8913 per euro at 1:58 CET. The British Pound was up 0.3% at 145.57 and down 0.07% to CHF 1.26487.

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