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Bank Of England Hike Interest Rates: Within 24 hours, after the US Central Bank Federal Reserve, the Bank of England has made the loan costlier. The Bank of England has decided to increase interest rates to curb inflation. Bank of England has increased the interest rates by 0.25 percent to 4.25 percent now. Bank of England says that people can get relief from inflation earlier than earlier estimates.
Expressing the hope of a better outlook for the Bank of England economy, it said that economic growth will pick up. The Bank of England voted in favor of raising interest rates by a quarter percent on a 7-2 basis, after which the interest rate has gone up to 4.25 percent. The Bank of England’s Monetary Policy Committee has increased interest rates for the 11th consecutive time since the Corona epidemic and Russia’s attack on Ukraine. Earlier on Wednesday, the Federal Reserve of America has also increased the interest rates by a quarter percent to crack down on inflation.
For the first time in four months, there has been an increase in the inflation rate in Britain, after which the Bank of England has decided to increase the interest rates. The Consumer Price Index rose to 10.4 percent in February. Last month it was at 10.1 per cent. Experts had expressed the expectation that Britain’s inflation rate would be 9.9 percent in the month of February. In such a situation, this figure is much more than expected.
What will RBI do?
The world’s big central banks are increasing the interest rates in the monetary policy meeting. So now it is believed that this RBI can also change the policy rates. RBI’s monetary policy meeting is going to be held from 3 to 6 April 2023. On April 6, RBI Governor Shaktikanta Das will announce the decisions of the Monetary Policy Committee. In which it is believed that RBI can increase the repo rate.
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