London, June 18 -- Bank of England maintained status quo and held the interest rates at 3.75 per cent underlining the impact of falling global energy prices since its previous meeting.

The Monetary Policy Committee (MPC) voted 7-2 to maintain Bank Rate at 3.75 per cent with two members in favour of raising rates by 25 basis points to 4 per cent. The central bank said it is committed to price stability and achieving a target of 2 per cent inflation.

The hold comes amid a peace agreement that was signed between the US and Iran. Both the countries decided to enter a 60-day period of no hostilities and immediate opening of Strait of Hormuz. Oil prices took a breather and have fallen since although still above the pre-conflict level.

The US...