ECB key interest rate remained unchanged

Noam Stiekema

European Central Bank (ECB) left its interest rate unchanged at a record low amid efforts to speed up economic growth and inflation. Measures to stimulate the economy, however, encounter difficulties because of the debt crisis in Greece and the uncertain future of the EUR. The ECB kept its benchmark interest rate at which allocates funds […]

Mario Draghi ECB

Mario Draghi ECBEuropean Central Bank (ECB) left its interest rate unchanged at a record low amid efforts to speed up economic growth and inflation. Measures to stimulate the economy, however, encounter difficulties because of the debt crisis in Greece and the uncertain future of the EUR. The ECB kept its benchmark interest rate at which allocates funds to banks at a level of 0.05%, as it has since September last year. Bank kept unchanged and interest rates on deposits of commercial banks at the ECB negative level of – 0.2%. This practically means that financial institutions pay to keep money in the central bank. The focus of financial markets now turns to the upcoming press conference of ECB President Mario Draghi. It is expected that during the press conference the main topic to be developments in Greece.

Draghi will likely be questioned when the ECB will increase the volume of emergency funding for Greek banks, which have been closed for more than two weeks. The country was introduced capital controls and restrictions on deposit withdrawals after the ECB freeze volume of liquidity that ensures the country in late June. Earlier today, Bloomberg reported that the central bank remains firm in its course to Greece and decided not to increase the ceiling of the emergency funding (ELA) for Greek banks.

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