The Great Britain pound strengthened against the euro and fell versus the US dollar after the Bank of England decided today to leave the interest rates and its program of asset purchases unchanged today.

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 percent. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The mounting inflation pressure calls for the Bank to raise the rates from the record low levels, but for now, it seems, it’s going to wait and asses the economic situation in the country. Sarah Hewin, the senior economist at Standard Chartered Bank, predicted that the BoE is going to keep the borrowing costs unchanged for the rest of the year and, as a result, the sterling will depreciate versus the dollar.

GBP/USD declined from 1.6102 to 1.6037 as of 13:21 GMT and reached its intraday low of 1.6015 earlier. Meanwhile, EUR/GBP dropped from 0.8526 to 0.8480.

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