AA / Istanbul
The Bank of England decided on Thursday to raise its key rates by a quarter of a percentage point, for the second time in two months, in an effort to curb inflation.
The Bank said in a statement today that a majority of the members of the Monetary Policy Committee voted in favor of raising the interest rate from 0.25% to 0.5%.
The British Central Bank has also decided to begin the reduction of its bond and securities purchase program that it has had in place since March 2020, with a total of 875 billion pounds.
Last December, the Bank of England raised the interest rate by 15 basis points, from 0.1% to 0.25%, becoming the first central bank of major global economies to raise rates of interest.
The Bank of England’s decision to contain the fastest inflation in 10 years, which rose last November by 5.1%, on an annual basis.
The Bank said in its statement released today that it expects the inflation rate to “soon” exceed the 7% mark.
* Translated from Arabic by Mounir Bennour.
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