IMF calls for clarity on BoE monetary framework ahead of first rate hike
‘The sooner this can be cleared up, the better,' Fund says
The International Monetary Fund (IMF) has called on the Bank of England (BoE) to provide "clarity" on the operational framework it will use as it starts to bring interest rates back up from the zero lower bound – potentially as early as this year.
The BoE moved from a ‘corridor system' for targeting Bank rate – the bank's benchmark rate – to its current ‘floor system', in which reserves are remunerated at the Bank rate, when it embarked on its asset purchase programme in 2009.
"With prospects of
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