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UK central bank keeps interest rate unchanged at record-low of 0.5 percent

05-06-2011 10:08 BJT

LONDON, May 5 (Xinhua) -- British central bank, the Bank of England (BOE), announced on Thursday that it has held the short-term interest rate at the record low of 0.5 percent and maintained the size of the Asset Purchase Programme at 200 billion pounds.

The BOE 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.

The UK central bank also said that its latest inflation and output projections will be announced in its inflation report to be released next week.

The BOE decided to keep the short-term interest rate at a record-low level at the time when the British economy is recovering slowly from a deep recession which ended in the last quarter of 2009. The British economy increased by 0.5 percent in the first quarter of 2011 after declining by 0.5 percent in the previous three months.

The BOE cut its interest rate to a historical-low of 0.5 percent in March of 2009 in an attempt to boost the recession-hit economy and has kept the rate at this level since then.

 

 

 

Editor:Du Xiaodan |Source: Xinhua

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