Another boon for borrowers as BoB cuts bank rate again

BoB said in a statement that the Monetary Policy Committee (MPC) had decided to cut the bank rate by a further 0.5 percentage points from 11.5 percent to 11 percent, the fifth time the central bank has cut interest rates since December 2008.

The Central Statistics Office (CSO) recently announced that annual inflation for the month of July fell to 6 percent from 7 percent, which is within the upper end of BoB's medium-term inflation objective of 3 to 6 percent.