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European Central Bank holds interest rates at record lows

by ChemOrbis Editorial Team -
  • 06/11/2014 (17:27)
The European Central Bank (ECB) kept its key interest rates unchanged on Nov 6, according to media reports. The bank held its key refinancing rate stable at 0.05% at a record low, in line with expectations. The ECB also held its marginal lending rate at 0.03% and its deposit facility rate at -0.2%.

According to ECB, inflation in the Eurozone will be at 0.6% this year, and 1.1% in 2015. This is under the central bank’s goal of inflation being just under 2% and despite stimulus measures taken since June. Measures to stimulate the economy and prevent a deflationary environment included cutting interest rates twice and offering cheap long-term loans to banks plus covered-bond purchase. The European Commission cut its growth estimates for the region this week.
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