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Despite the central bank maintaining the key rate, governor Mark Carney insisted that the time for a hike is moving closer.

The Bank of England (BoE) Thursday voted 8-1 to keep its main interest rate Bank Rate unchanged at 0.5 percent, and kept the quantitative easing (QE) policy at 375 billion pounds.

Amid concerns over low inflation and slowing growth in Asia, the Bank of England’s policymakers voted 8-1 to leave the rate at 0.5 percent for a 78th consecutive month and opted not to pump more money into the economy.