Pound slips on BoE’s post-Brexit stim­u­lus

The Myanmar Times - - International Business -

The pound dropped be­low US$1.30 in Asia yes­ter­day as the Bank of Eng­land’s post-Brexit in­ter­est rate cut and sur­prise stim­u­lus weighed on the unit. Ster­ling fell for its fifth day af­ter the Bank of Eng­land last week voted to re­duce rates to a record low 0.25 per­cent, cut­ting bor­row­ing costs for the first time in more than seven years. The cen­tral bank also an­nounced a £170 bil­lion ($221-bil­lion) stim­u­lus pack­age, which it added could be ex­panded fur­ther.

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