European Central Bank Holds Policy Rate Steady and Eases Long-Term Lending Rates
Base Interest Rate Maintained at 0%
[Asia Economy Reporter Han Jinju] The European Central Bank (ECB) decided on the 30th (local time) to keep its policy interest rate unchanged and to ease the interest rate on the targeted long-term refinancing operations (TLTRO III).
On the day, the ECB held a monetary policy meeting in Frankfurt, Germany, and decided to maintain the benchmark interest rate at the current 0%, and to keep the deposit rate and marginal lending rate at the current -0.50% and 0.25%, respectively.
The ECB decided to lower the interest rate of TLTRO III, which will be introduced from June this year to June next year, by 50 basis points below the average refinancing rate of the Euro system. TLTRO III is a program that provides low-interest loans to European banks to expand liquidity.
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The ECB will maintain the 750 billion euro Pandemic Emergency Purchase Programme (PEPP), which was established to counter the economic shock caused by the spread of the novel coronavirus (COVID-19), until the COVID-19 crisis ends, but has set a deadline until the end of this year.
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