Bank-rate In U.K. Cut
(N.Z.P.A.-Reuter —Copyright) LONDON, March 16.'
Britain’s bank-rate—key to interest rates—was cut by one half per cent to 6 per cent today.
It was the second cut in seven weeks. On January 26 the rate was lowered from 7 to 6} per cent as sterling moved out of its crisis period and towards recovery.
Today’s cut reflected a firm improvement in Britain’s gold and sterling reserves and encouraging overseas trade figures for February. A Bank of England spokesman said today: “Since the reduction in bank-rate to 6} per cent on January 26, the strength of sterling in the exchange markets has been well maintained. “There has also been a continued easing of monetary conditions in other centres.
“These factors justify today’s reduction in bank-rate to 6 per cent.”
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Bibliographic details
Press, Volume CVI, Issue 31321, 17 March 1967, Page 1
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131Bank-rate In U.K. Cut Press, Volume CVI, Issue 31321, 17 March 1967, Page 1
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