LONDON (Thomson Financial) - The rates at which banks lend to each other in the United Kingdom edged higher across all maturities despite a quarter-point interest rate cut by the Bank of England (BoE) on Thursday.
The key three-month Libor rate edged higher to 5.9300 percent from 5.9275 percent on Friday, suggesting the central bank's lower target rate has done little to encourage more interbank lending.
The overnight contract, generally the most closely aligned to the BoE's 5.00 percent benchmark rate, also rose slightly to 5.10 percent from 5.09 percent, while the one-month rate increased to 5.53 percent from 5.52 percent.
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