ECB stays the course on rates

Business | 26 Jul 2018 8:07 pm

The European Central Bank today left its key interest rate unchanged at an all-time low, following its meeting in Frankfurt, Germany.

The ECB said it decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00 percent, 0.25 percent and -0.40 percent respectively. "The Governing Council expects the key ECB interest rates to remain at their present levels at least through the summer of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2 percent over the medium term.''

The ECB will also continue to make net purchases under the asset purchase program at the current monthly pace of 30 billion euros until the end of September 2018.

After September, subject to incoming data confirming the governing council’s medium-term inflation outlook, the monthly pace of the net asset purchases will be reduced to 15 billion euros until the end of December 2018 and that net purchases will then end, the ECB said in a statement.

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