Bank of England sets interest rate at 5 percent

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Bank of England sets interest rate at 5 percent

[19/09/2024 02:08]

LONDON-SABA
The Bank of England announced on Thursday that it will fix the interest rate at 5 percent, one month after cutting it for the first time since March of 2020.

The central bank's monetary policy committee said in a statement that eight of its nine members voted in favor of the stabilization decision based on the decline in inflation and its stability last month at 2.2 percent.

The committee confirmed that it will continue to monitor economic indicators before adopting any new rate cut. The low inflation rate will allow it to adopt a policy of cautious and slow rate cuts in the coming months.