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European Central Bank cuts interest rates for first time since 2016

by ChemOrbis Editorial Team -
  • 12/09/2019 (23:04)
The Governing Council of the European Central Bank (ECB) has reduced the interest rate on the deposit facility by 10 basis points to -0.50%, the ECB said in a press release on September 12.

This marked the first interest rate cut for the first time since 2016 and one of the lowest benchmarks.

The ECB also announced the restart of bond purchases. Accordingly, the Governing Council’s asset purchase programme (APP) will start at a monthly pace of €20 billion as from 1 November. The ECB said the programme is expected to run until the accommodative impact of its policy rates is reinforced.

Earlier during the day, the Turkish central bank also announced an interest rate cut.
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