BoE not aiming to weaken Sterling, nor reacting in panic, Broadbent says

The Bank of England´s actions on the previous day were not aimed at weakening Sterling, the monetary authority´s second-highest ranking polciymaker said.

BoE Deputy Governor ben Broadbent denied the charge when queried on BBC Radio.

Neither did he share some observers´ assessment that the Bank´s actions were a panic reaction.

"The pound did fall very sharply immediately after the referendum and has since been relatively stable," he explained.

"Certainly compared with that immediate move, the move yesterday on the announcement of these measures was relatively small."

Broadbent was also "pretty confident" that the BoE´s stimulus measures would have some effect.

As of 09:06 BST cable was higher by 0.25% to 1.3139.