BUSINESS ECB keeps monetary policy on hold

BUSINESS

ECB keeps monetary policy on hold

Xinhua

19:54, July 16, 2020

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File photo: VCG

FRANKFURT, July 16 (Xinhua) -- The European Central Bank (ECB) said on Thursday that it decided to keep monetary policy unchanged in its July meeting.

The 19-nation eurozone base interest rate will remain at 0.00 percent, with the marginal lending rate and deposit rate remaining at 0.25 percent and minus 0.50 percent, respectively, according to a statement issued after the meeting.

The ECB's Governing Council said it will continue its purchases under the pandemic emergency purchase program and its regular asset purchase program. It will also continue to provide ample liquidity through its refinancing operations.

"The Governing Council continues to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry," the statement said.

The announcement came just before a key European Union (EU) summit slated for July 17 and 18, when EU leaders are expected to meet in person in Brussels and discuss the bloc's response to the coronavirus pandemic on the fiscal front. 

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