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British central bank keeps interest rates at record low

08-06-2010 08:40 BJT

LONDON, Aug. 5 (Xinhua) -- The Bank of England on Thursday decided to keep short-term interest rates at a record low 0.5 percent for the 18th consecutive month.

Britain's central bank 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 (about 316 billion U. S. dollars).

The BOE decision came at a time when the British economy is recovering from a deep recession. The economy increased 0.3 percent in the first quarter of this year over the previous quarter. The economic gain in the second quarter reached 1.1 percent, the fastest pace since 2006.

The BOE cut its interest rates to a historical low of 0.5 percent in March 2009 in a bid to boost the recession-hit economy.

Editor:Xiong Qu |Source: Xinhua

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