The European Central Bank’s governing council has kept rates at 1 per cent.
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While Brazil surprised the markets with a bigger-than-expected interest rate cut, South Korea and Indonesia on Thursday delivered exactly what had been predicted.
The Bank of Korea and Bank Indonesia both left rates unchanged – in a clear sign that concerns about the impact of rising oil prices on inflation are matching worries about the threats to global growth coming from the eurozone. It’s a striking shift for Indonesia, which has – like Brazil – been a standard-bearer for aggressive pro-growth rate cuts.
As expected, the Bank of England has held bank rate at 0.5 per cent and the size of the asset purchase programme at £325bn.
The minutes of the meeting will be published at 09.30 on 21 March.
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