The Monetary Policy Committee (MPC) voted unanimously to hold the bank rate at 0.5% at the last meeting, while all but one member voted to maintain the QE programme at £375bn.
The MPC said, however, that substantial headwinds to economic recovery remain, and that sterling could hinder the rebalancing of the economy.
The minutes of the meeting held on 9 and 10 January warned: "Substantial headwinds to recovery remained, including the drag to activity from fiscal consolidation, a further squeeze in household real incomes, and the deterioration in UK competitiveness over the past couple of years.
"Indeed, the existence of a significant current account deficit at a time of subdued activity and spare capacity suggested that the sterling real exchange rate might be above the level compatible with the necessary rebalancing of the economy."
In August, the Bank raised concerns about the continued appreciation of sterling and its impact on the economy.
At the last meeting, David Miles was the only member to vote for an increase in the Bank's asset purchase programme, favouring an increase of £25bn.
Other committee members suggested it would be better to wait until the impact of the Funding for Lending Scheme (FLS) on the economy could be properly assessed.
"The committee discussed how further monetary stimulus could be delivered, should it be warranted, and the effectiveness of additional asset purchases. While it was too soon to assess the full impact of the FLS in supporting lending and wider economic activity, the early signs within the banking sector were encouraging," the minutes said.
"There was also considerable further scope for asset purchases to lower long-term yields on government and corporate debt and support other asset prices. But there remained uncertainty about their impact on nominal demand, and they might prove less effective in boosting real output when resources needed to be shifted between sectors and while the banking system was constrained."
On inflation, the committee said there was little activity to cause a review of the outlook for inflation, which will remain slightly above the 2% target in the near term.
The minutes of the Committee meeting to be held on 6 and 7 February will be published on 20 February 2013.
The release of the minutes come as former MPC member Adam Posen launched a scathing attack on the culture within the Bank of England.
Appearing before the Treasury Select Committee, Posen said Bank governor Mervyn King was never challenged on key decisions and was allowed to have too much power.
Posen said there was a "religious belief" that buying corporate bonds as part of the Bank's quantitative easing programme would be inappropriate and that when he complained to members of the Court about King's alleged refusal to allow the MPC to discuss buying assets other than gilts, he was told there was nothing they could do "until the governor leaves".
Meanwhile, King himself hinted this week there could be a change to the Bank of England's policy on inflation targeting when new governor Mark Carney takes up his post.
Speaking at a Confederation of British Industry dinner in Belfast, King said it may be time to review the UK's inflation target, but rejected a suggestion by his successor that central bankers should abandon inflation targeting altogether in times of economic crisis.
King, who steps down at the end of June, pointed out it had been more than two decades since the UK's existing inflation target of 2% was introduced. "It has now come of age," he said. "It would be sensible to review the arrangements for setting monetary policy."
But King added retaining a target is an important ingredient for economic growth.
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