ECB Holds Key Interest Rate

(RTTNews) - Thursday, the European Central Bank held its key interest rate unchanged at a record low of 1% for a sixth straight month. The decision was in line with economists’ expectations. The central bank also retained its interest rate on the marginal lending facility at 1.75% and that on the deposit facility at 0.25%.

“Obviously, the ECB sits very comfortably in its current wait-and-see position”, ING economist Carsten Brzeski said.

The last change in the key interest rate was in May 2009, when the bank cut the rate by 25 basis points to the current level of 1%. The bank has lowered the key interest rate by a total of three and a quarter percentage points since early October 2008.

The bank’s President Jean-Claude Trichet and Vice President Lucas Papademos are set to hold their post-decision press conference at 8.30 am ET.

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