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Eurozone interest rates kept on hold | Eurozone interest rates kept on hold |
(35 minutes later) | |
The European Central Bank (ECB) kept its main interest rate unchanged in a widely expected decision. | The European Central Bank (ECB) kept its main interest rate unchanged in a widely expected decision. |
The bank's governing council, meeting in Vienna, said it would hold its benchmark interest rate at 0%. | The bank's governing council, meeting in Vienna, said it would hold its benchmark interest rate at 0%. |
The deposit rate was also held at minus 0.4%. | The deposit rate was also held at minus 0.4%. |
Analysts had expected rates to remain unchanged after the bank announced new stimulus measures in March aimed at reviving economic growth in the eurozone. | Analysts had expected rates to remain unchanged after the bank announced new stimulus measures in March aimed at reviving economic growth in the eurozone. |
As part of those measures, the ECB said it would start buying corporate bonds on 8 June as part of its €80bn monthly total. Those purchases have mainly been of government bonds until now. | |
The bank hopes the measures will help increase economic activity and bring the eurozone inflation rate closer to the bank's goal of just under 2%. The rate stands at minus 0.1%. | |
ECB president Mario Draghi will hold a news conference later, and there is speculation that he may raise growth and inflation forecasts for the eurozone. | ECB president Mario Draghi will hold a news conference later, and there is speculation that he may raise growth and inflation forecasts for the eurozone. |
The eurozone economy expanded by 0.5% in the first quarter, but unemployment remains persistently high at 10.2%. |