Bank of England holds firm for another month

The Bank of England has decided to maintain interest rates at 0.5 per cent for another month, as well as holding the size of its Asset Purchase Programme at £275 billion.

Its monetary policy committee decided to hold the official bank rate paid on commercial bank reserves for another month.

This rate has been held at its current historic low since March 5th, 2009.

The Asset Purchase Programme has been held at its current level since October 6th, 2011, when it was enlarged by £75 billion.

Meanwhile, the European Central Bank has left the key interest rate for the eurozone unchanged at one per cent.

Its decision comes after two months at rate cuts, aimed at encouraging economic growth across the currency bloc.

The BBC reports that ECB president Mario Draghi said the eurozone economy is still experiencing "high uncertainty and substantial downside risks".

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