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Financial News: ECB Maintains Status Quo At Start Of Year

ECB Maintains Status Quo At Start Of Year

01/25/2018 - 08:11:00 (RTTNews)

(RTTNews) - The European Central Bank left its key interest rates and asset purchases, unchanged on Thursday and reiterated that the rates will remain at their present levels well past the life of the stimulus.

The Governing Council, led by ECB President Mario Draghi, left the key interest rates unchanged after the conclusion of the final policy-session for this year, in Frankfurt.

The main refi rate is currently at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate is 0.25 percent.

In contrast to expectations, there was hardly any change in the wording of the forward guidance.

"The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases," the ECB reiterated.

The bank confirmed that the net asset purchases, at the new monthly pace of EUR 30 billion, are intended to run until the end of September 2018, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.

"If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, the Governing Council stands ready to increase the asset purchase programme (APP) in terms of size and/or duration," the ECB added.

Draghi is set to hold his press conference at 8.30 am ET in Frankfurt.

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