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UK Official Bank rate is Bank of England base rate or BOEBR; this is the interest rate BOE charges Banks for secured overnight lending.
(previous 0.5%, forecast 0.5%.)means the forecast interest rate of BOE would be unchanged.

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Warren
Warren
1 year ago

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This is the official Bank rate set by the Bank of England which is the US Equivalent of the FED. They set the rate that commercial banks are charged for loans. The previous rate is also the current rate till that point when the announcement is made to raise, lower or keep the same. The forecast rate is based on what a Poll of economist think will happen when the rate decision is announced. This rate also carries a statement showing the vote structure of the rate decision

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fuji022
fuji022
1 year ago

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UK Official Bank Rate (previous 0.5%, forecast 0.5%.) is a voted decision by The Bank of England’s Monetary Policy Committee to maintain the official Bank Rate paid on commercial bank reserves at 0.5%.

The latest decision is made on 8 July 2010. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009.

Source(s):

Bank of England
http://www.bankofengland.co.uk

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Kingpin
Kingpin
1 year ago

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UK Official Bank Rate (previous 0.5%, forecast 0.5%)means that the official bank rates forecast is expected to be the same as previous rates. What does it mean for GBP?

Below from www.fxwords.com/b/boe-rate-decision-uk.html:

The announcement of whether the Bank of England has increased, decreased or maintained the key interest rate. The BoE meets monthly to decide on monetary policy. After each meeting policy decisions are announced. The main task of the BoE's Monetary Policy Committee is to set the monetary stance by fixing the overnight borrowing rate, which is incremental in determining the short-term rates. Through this mechanism, the BoE attempts to affect price levels in order to keep inflation within the target range while maintaining stable economic growth and employment.

The BoE Rate decision has great influence on financial markets. Changes in rates affect interest rates for consumer loans, mortgages, bond, and the exchange rate of the Pound. Increases in rates or even expectations of increases tend to cause the Pound to appreciate, while rate decreases cause the currency to depreciate.

The BoE Monetary Policy Committee issues a statement with every rate announcement containing the BOE's collective outlook on the economy as well as hints about future monetary policy. The decision itself is usually highly anticipated, the wording of the statement is usually as important if not even more important than the actual interest rate move made by the central bank.

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fxpie
fxpie
1 year ago