26.03.2020, 15:05
Bank of England Maintains Base Interest Rate at 0.1%
Source: OREANDA-NEWS
OREANDA-NEWS. The Bank of England has maintained the base interest rate at 0.1% per annum. Also, the limit of funds for the purchase of assets was maintained at the level of £ 645 billion, according to the regulator's website.
"The monetary policy committee unanimously voted to maintain the rate at 0.1%", the regulator said in a statement. It's also noted that the committee unanimously voted to continue the repurchase program of government bonds and corporate bonds for an additional £ 200 billion. The total volume of these purchases is £ 645 billion.
While it isn't possible to fully assess the exact scale of the economic shock from the coronavirus epidemic, the British regulator notes. "There is a risk of long-term damage to the economy, especially in the event of large-scale disruptions in business or a significant increase in unemployment", the report said.
It's likely that global GDP will fall sharply in the first half of this year, and unemployment is likely to grow rapidly in a number of countries, the regulator believes. The next meeting of the Bank of England is scheduled for May 7, 2020.
"The monetary policy committee unanimously voted to maintain the rate at 0.1%", the regulator said in a statement. It's also noted that the committee unanimously voted to continue the repurchase program of government bonds and corporate bonds for an additional £ 200 billion. The total volume of these purchases is £ 645 billion.
While it isn't possible to fully assess the exact scale of the economic shock from the coronavirus epidemic, the British regulator notes. "There is a risk of long-term damage to the economy, especially in the event of large-scale disruptions in business or a significant increase in unemployment", the report said.
It's likely that global GDP will fall sharply in the first half of this year, and unemployment is likely to grow rapidly in a number of countries, the regulator believes. The next meeting of the Bank of England is scheduled for May 7, 2020.
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