Topic: Global financial crisis
MOSCOW, July 5 (RIA Novosti)
- ECB Keeps Key Rate Unchanged at Record Low 1%
- ECB Injects Record 530 Bln Euro Into Banks
- Euro banks park record sums with ECB as debt crisis lingers
- Spanish bankers ask ECB to buy debt of euro zone problem countries
- ECB head hopes EU economy will grow after rate cut
The European Central Bank cut a key interest rate by 0.25 percent to a record low 0.75 percent to stimulate bank lending and spur economic growth, the regulator said on Thursday.
“The interest rate on the main refinancing operations of the Eurosystem will be decreased by 25 basis points to 0.75 percent, starting from the operation to be settled on 11 July 2012,” the regulator said in a statement.
The interest rate on the marginal lending facility will be cut by 25 basis points to 1.50 percen,t and the deposit facility rate will be cut by 25 basis points to 0.00 percent, the bank said.
The last time the ECB cut the refinancing rate was in December 2011, when the regulator lowered the rate by a quarter percentage point to a historic low of 1 percent.
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News that Moscow Mayor Sergei Sobyanin would resign in order to run for the mayoral election in September came as quite a shock. Sobyanin’s political potential is fairly dubious, not to mention his approval ratings. He has not finished many of the projects he initiated and the electoral effect from these projects is expected to come a bit later than September 2013. Sobyanin’s opponents were not entirely unprepared for this blitzkrieg.