European Central Bank holds key interest rate at 0.75%

06 December 2012 12:46  [Source: ICIS news]

LONDON (ICIS)--The European Central Bank (ECB) on Thursday left its key interest rate unchanged at a record-low 0.75% for a fifth straight month as it continues to analyse the ongoing market impact of its bond-buying scheme announced in September.

The ECB, however, is later expected to cut its economic growth forecasts and may provide direction of monetary policy for next year.

On 5 July 2012, the ECB cut interest rates to a record low of 0.75%, following six straight months at 1.0%. 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.

Earlier on Thursday, the Bank of England (BoE) kept UK interest rates at 0.5% and held off from announcing another round of quantitative easing (QE).

By: Franco Capaldo
+44 (0)20 8652 3214

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