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September 4, 2009

ECB keeps eurozone rate at 1%

by Richard Kilner

Story link: ECB keeps eurozone rate at 1%

The European Central Bank (ECB) has elected to leave interest rates within the eurozone unaltered at 1%.

The decision has been made as some major economies, including Germany, France and Japan, surprised analysts and grew in the second quarter of the year.

The Bank of England has yet to make it monetary policy decision this month, with rates standing at the historic low of 0.5%.

Last month, the Bank of Israel increased interest rates, one of the few central banks to do so.

The decision to add 25 basis points and increase the rate to 0.75% came in an effort to help stave off higher than expected inflation.

For months now rates in Japan, the UK, the US, the eurozone, Australia and New Zealand have remained unchanged, in many cases at historically low levels in response to the financial crisis and global recession.

 

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