BOE's Bean urges patience over effect of QE-report

LONDON, July 22 - It is still too early to judge the effects of the Bank of England's quantitative easing (QE) policy, Bank of England Deputy Governor Charles Bean said in an interview published on Wednesday.

"The impact will very probably take a while to be felt," he told the Birmingham Post after a meeting with local businesses.

"I wanted to stress that one should not rush to form a judgment on how effective the programme has been yet. It takes time for the effects to work through."

The BoE will publish new growth and inflation forecasts on Aug. 12 and Bean said the central bank would use them to decide whether to make further purchases under the quantitative easing scheme.

Bean is on a tour of Britain to explain how the central bank's 125 billion pound ($205 billion) QE programme works.

He said the state of the economy remained weak.

"I think the message that I have been getting is that, while there might be indications that activity is bottoming out, so far there is not much sign of recovery taking hold." ($1=.6100 Pound)