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Friday 21st of August 2009

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June 5, 2009

Eurozone rate held at 1%

by Richard Kilner

Story link: Eurozone rate held at 1%

The European Central Bank (ECB) has retained the eurozone interest rate at 1%.

The move mirrors the Bank of England’s Monetary Policy Committee which also elected to leave the UK interest rate unchanged at 0.5%.

The eurozone rate has been at the 1% rate, a record low, for one month and is over 3% lower than its high during July of last year.

Similarly, the Federal Reserve in the US has an interest rate of almost zero.

However, with the largest central banks of the world enacting record low interest rates and the Bank of England embarking up a quantitative easing programme of assets purchases worth £125bn, some are beginning to assert that the bottom of the financial downturn may be coming into sight.

 

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