Economy
Bank of England raises interest rates by 25 basis points to 0.75%
Central bank aims to tame rising inflation, standing at 5.5% in January
Övünç Kutlu |
17.03.2022 - Update : 17.03.2022
Bank of England in London, England ( Tolga Akmen - Anadolu Agency )
ANKARA
The Bank of England (BoE) on Thursday raised its interest rates by 25 basis points to 0.75% to fight the record-high inflation.
While the figure hit its highest since March 2020 -- right before COVID-19 was declared a pandemic -- it marks the third consecutive meeting for the BoE making a rate hike.
The central bank raised interest rates twice in the last three months, the latest coming in February with 25 basis points of increase to 0.5%.
The annual inflation in the UK climbed to 5.5% in January, and the BoE aims to tame rising prices with rate hikes.
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