Are England exchange rates & import prices based on the Bank of England interest rate?
Are England exchange rates and import prices based on the Bank of England base/interest rate?
Basically, I just wanted to know how and if import prices and/or exchange rates in England have the Bank of England's base rate anywhere in the calculations?
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Exchange rates are not calculated from anything. They are based on the price that someone is willing to pay to buy that currency. It's a purely market-driven thing.
Interest rates do have an effect on exchange rates, since high interest rates make a currency more desirable, but it's not based on any kind of formula.
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