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The European Central Bank (ECB) kept its key interest rates unchanged after the Thursday meeting, keeping them at record low levels. The press release of the bank fully copied the ECB statement following the Board’s decision in July, the bank once again stated that it expects key interest rates to remain at its current level for an indefinite period of time and long after the end of asset purchases.

The ECB retained its key interest rate on deposits, its main instrument of interest rates, without changing the level of -0.4%. The base interest rate on refinancing, which determines the cost of credit in the economy, was also maintained at its level of 0.00% and the interest on the marginal lending facility remained at 0.25%.

The ECB also retained its quantitative easing program unchanged. According to the statement, the net asset purchases are projected to continue at the current monthly rate of 60 billion EUR by the end of December 2017 or after that date if Eurozone prospects become less favorable.

The financial regulator expresses its willingness to increase the amount and duration of the bond purchase program for 2.3 trillion EUR if prospects become more unfavorable or if the financial conditions cease to be in line with further progress towards a sustainable correction of the inflation trend.

