European Central Bank cuts key interest rate to 0.75% from 1%

05 July 2012 12:45  [Source: ICIS news]

LONDON (ICIS)--The European Central Bank (ECB) on Thursday cut interest rates to a record low of 0.75%, following six straight months at 1.0%.

The cut is expected to help the struggling eurozone and its banking industry.

In December, the ECB cut interest rates to 1% from 1.25%, following a fall of 25 basis points announced in November.

After October 2008, when the level was at 4.25%, the bank cut its key rate several times as it tried to haul the eurozone economy out of deep recession.


By: Leigh Stringer
+44 208 652 3214



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