BoE holds rates, to complete quantitative easing in 2 months

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BoE holds rates, to complete quantitative easing in 2 months
OluÅŸturulma Tarihi: Nisan 09, 2009 15:18

LONDON - The Bank of England left interest rates unchanged at a record low of 0.5 percent on Thursday, as expected, and said it would take another two months to complete its programme of quantitative easing.

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This was the first month that the central bank's Monetary Policy Committee kept interest rates on hold since last September, having cut them by a total of 4.5 percentage points to tackle Britain's first economic recession since the early 1990s.
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It signalled last month that borrowing costs would not go any lower but it would now resort to pumping money directly into the economy -- so-called quantitative easing -- to boost demand.
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"The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with the programme, announced on 5 March, of asset purchases totalling 75 billion pounds financed by the issuance of central bank reserves," it said in a statement.
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"The Committee noted that since its previous meeting a total of just over 26 billion pounds of asset purchases had been made and that it would take a further two months to complete that programme."

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