BoE’s Carney’s Remarked Likely Rate Hike by the end of the year

Interest will probably increase by the end of the year, according to Bank of England Governor, Mark Carney, on Thursday, after the central bank maintained they borrowing costs in May.

There is a high probability that interest rates for 2019 will rise and it is likely to begin by the end of the year, said by Carney on an interview with BBC.

However, if the economy wanes out, the monetary policy will be adjusted, he added.

Just recently, the BoE kept their rates steady on Thursday due to the weak data influenced by the snowy weather. However, this is just for a short period of time but they wanted to assure that the economy is gaining momentum before raising rates in the upcoming months.

After the statement of BoE, the British currency plummeted but was able to trim losses when Carney gave his remarks on BBC.