ECB to further cut deposit rate for banks
The European Central Bank (ECB) will further cut the deposit rate for banks. In the future, the European financial institutions will pay an interest rate of 0.5 percent if they store their money at the central bank. So far, the banks have had to pay a deposit rate of 0.4 percent. The key interest rate remains at zero percent.
Following today’s interest rate meeting in Frankfurt, ECB President Mario Draghi also announced that the European Central Bank will continue its not uncontroversial bond purchases. 20 billion euros are to be invested monthly in the purchase of securities from 1 November. The Council of the European Central Bank (ECB) gave the green light for this. Reuters
Disclaimer
The information provided on this website is for general informational purposes only and does not constitute legal, tax, financial, or professional advice. While we strive to ensure accuracy and completeness, no guarantee is given regarding the timeliness, correctness, or completeness of the content. The content does not replace individual advice from qualified legal, tax, or financial professionals. Any actions taken based on the information provided are done at the user’s own risk. Liability for any direct or indirect damages arising from the use or non-use of the information presented is excluded to the fullest extent permitted by law.
(Image rights: istockphoto.com/Instamatics)
Comments are closed here.