ECB puts interest rates on hold

THE European Central Bank (ECB) left interest rates unchanged yesterday, resisting calls for a cut to ease pressure on exporters suffering from the euro’s current strength.

Most commentators’ predictions were proved right as rates stayed at their historic low of 2% for the eighth month in a row.

Meanwhile, The Bank of England raised its benchmark interest rate by a quarter point to 4%, the second increase in four months, on concerns that stronger economic growth in Britain and a global recovery may trigger higher inflation.