BOE - Bank rate
Bank of England Official Bank Rate
BOE Official Bank Rate and Monetary Policy Summery
Starts Tuesday, December 18, 2018 at 17:04
Updated Monday, December 17, 2018
The Bank of England (BOE) increased interest rates for the second time in many years in August after raising them in November 2017. The number of votes to hike interest rates by MPC members is also pretty important to see since it is a clue of the future monetary policy by the BOE. The votes were 9-0-0 in favour of a rate hike in August as the BOE increased interest rates from 0.50% to 0.75%, but in December they are 0-0-9 in favour of keeping them unchanged. This month interest rates will remain unchanged and I expect this to last for some time unless Brexit takes a turn for the better.Please follow us for a live coverage in real time of the event by experienced analysts.
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About Bank of England Official Bank Rate
The Official Bank Rate is the rate applied by the Bank of England (BOE) to overnight lending operations involving separate banking entities. It is determined by the Monetary Policy Committee, but the final decision on its application is made by the sitting BOE governor. Since July 2013, Mark Carney has served as BOE governor.A key driver of national monetary policy, the Official Bank Rate has a tremendous bearing on the value of the GBP. Any rise has a bullish impact upon the GBP, while a cut is viewed as extremely dovish. Historically, the Official Bank Rate has ranged from 0.25% to 17%.An announcement of the Official Bank Rate is a primary economic event. Participation is heightened and heavy volatilities are possible facing the GBP.