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Eurozone interest rates kept on hold at 0.75% Eurozone interest rates kept on hold at 0.75%
(35 minutes later)
The European Central Bank (ECB) has left eurozone interest rates unchanged at 0.75%, as had been widely expected.The European Central Bank (ECB) has left eurozone interest rates unchanged at 0.75%, as had been widely expected.
Many analysts do not expect the ECB to alter rates from their current record low until next year at the earliest.Many analysts do not expect the ECB to alter rates from their current record low until next year at the earliest.
Recent surveys have suggested that the pace of decline in the eurozone's manufacturing and service sectors has slowed.Recent surveys have suggested that the pace of decline in the eurozone's manufacturing and service sectors has slowed.
The UK's Bank of England also announced on Thursday that it would be keeping its main interest rate on hold at 0.5%.
The last time the ECB made a change to its main interest rate was in July, when it was cut from 1%.The last time the ECB made a change to its main interest rate was in July, when it was cut from 1%.
ECB president Mario Draghi holds a news conference later, where he is expected to face questions over the ECB's sensitivity to recent rises in the value of the euro. ECB president Mario Draghi told a news conference that there were signs of growing business and financial confidence in the eurozone, although the risks to recovery "continue to be on the downside... The situation remains fragile".
The increasing amount of loans that eurozone banks are repaying to the ECB was a sign of that confidence, he said. "It means they (banks) are less uncertain than they were a year ago."
The appreciation of the euro, a growing worry for industry, was also a sign of confidence, he said. However, the euro's strength carries inflation risks and will also make exports more expensive, so the ECB will continue "to monitor" the euro's appreciation, he said.
The UK's Bank of England also announced on Thursday that it would be keeping its main interest rate on hold at 0.5%.