European Central Bank holds key interest rate at 0.75%

07 February 2013 12:45  [Source: ICIS news]

LONDON (ICIS)--The European Central Bank (ECB) on Thursday left its key interest rate unchanged at a record-low 0.75% as it continues to analyse its bond-buying scheme announcement and the state of the eurozone recovery in the new year.

This is the seventh consecutive month that interest rates have been held at current levels.

The ECB announced its bond-buying programme in September last year, where it would purchase short-term eurozone government debt on the secondary market, reducing interest on treasuries.

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 decided against issuing further quantitative easing this month.

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

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