Today, on 10 March 2011 at 12:00 GMT, the Bank of England announced its official bank rate for this month.
Previous: 0.5%; forecast: 0.5%
Official Bank Rate is an instrument used for calculations in the market of interbank loans within short-term operations. Relationships with the market's participant banks will be based on it when loans, credits are advanced etc.
In foreign currency markets, this bank rate is used to raise and place investors' free funds in local assets. 
All news releases by sources that shape a country's monetary policies are most significant for currency traders.
A raised rate serves as a powerful argument for a stronger pound.
Figures are published early each month based on the outcome of the BoE's Monetary Policy Committee.
