Market Updates
ECB in Historic Step Lowered Deposit Rate to Negative
Nigel Thomas
05 Jun, 2014
New York City
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European Central Bank took a historic step and offered negative interest rate and other non-traditional measures to spur the euro zone economy.
European Central Bank took a historic step and offered negative interest rate and other non-traditional measures to spur the euro zone economy.
The ECB lowered its benchmark interest rate to a record low of 0.15% from 0.25% and lowered deposit rate minus 0.10% from zero.
The ECB offered a 400 billion euro liquidity channel linked to bank lending and the central bank officers will also work on an asset purchase plan.
The euro decreased 0.2% to $1.356.
Separately, the Bank of England left its benchmark rate at a record low of 0.5% and kept its bond-purchase plan at 375 billion pounds or $636 billion.
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