BoE's King says not seeking to push sterling down

LONDON Thu Mar 14, 2013 9:57pm GMT

Bank of England Governor Mervyn King delivers a speech at his lecture meeting hosted by the Japan Bankers Association in Tokyo February 26, 2013. REUTERS/Issei Kato

Bank of England Governor Mervyn King delivers a speech at his lecture meeting hosted by the Japan Bankers Association in Tokyo February 26, 2013.

Credit: Reuters/Issei Kato

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LONDON (Reuters) - Bank of England Governor Mervyn King said on Thursday that he was not seeking a further depreciation in sterling, and that markets judged that the currency was at an appropriate level.

"We're certainly not looking to push sterling down," King told ITV News in an interview.

Sterling has fallen sharply since the start of the year, but King said this reflected a reversal of an appreciation in 2012.

"Basically we're at the same level we were after the impact of the financial crisis. The markets judged then that was the right level for the UK looking ahead and they seem to judge that now," he added.

(Reporting by David Milliken; Editing by Alison Williams)

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