European Central Bank Holds Interest Rates Steady (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Bu Aeri] The European Central Bank (ECB) froze its policy interest rate on the 10th (local time).

On the day, the ECB held a monetary policy meeting in Frankfurt, Germany, and announced that it would maintain the benchmark interest rate at the current 0%, and keep the deposit rate and marginal lending rate at the current -0.5% and 0.25%, respectively.

The ECB stated that it expects to keep interest rates at the current level or lower until inflation sufficiently converges to the target level of 2%.

The ECB said, "We have decided to continue implementing the €1.35 trillion (?1897 trillion) Pandemic Emergency Purchase Programme (PEPP) as planned to respond to the economic shock caused by the novel coronavirus disease (COVID-19)."

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