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ECB Leaves Benchmark Interest Rate Unchanged at 0% as Expected
Thursday, 25 July 2019 19:03 WIB | FISCAL & MONETARY |Bank Sentral Eropa ECB

At its monetary policy meeting held today, the Governing Council of the European Central Bank (ECB) decided to leave the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.40%, respectively. Attention now turns to ECB President Mario Draghi's press conference at 12:30 GMT.

With the initial market reaction, the shared currency gathered strength against its peers and was seen trading at 1.1155 against the USD, rising 0.12% on the day. Below are some key takeaways, via Reuters, from the ECB's policy statement.

"ECB expects interest rates to remain at their present or lower levels at least through the first half of 2020, and in any case for as long as necessary to ensure continued sustained convergence of inflation to its aim over the medium term."

"ECB intends to continue reinvesting, in full, principal payments from maturing securities purchased under app for an extended period of time past date when it starts raising interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation."

"Sees the need for a highly accommodative stance of monetary policy for a prolonged period of time, as inflation rates, both realised and projected, have been persistently below levels that are in line with its aim."

"Stands ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner."

"If medium-term inflation outlook continues to fall short of its aim, ECB is determined to act, in line with its commitment to symmetry in inflation aim."

"In this context, ECB has tasked relevant Eurosystem committees with examining options, including ways to reinforce its forward guidance on policy rates, mitigating measures, such as design of a tiered system for reserve remuneration, and options for size and composition of potential new net asset purchases."

"President of ECB will comment on considerations underlying these decisions at a press conference starting at 14:30 CET today."

Source : FX Street

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