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Thursday, May 2, 2013

EUROPEAN CENTRAL BANK CUTS INTEREST RATES


Euro symbol central bank interest rates


The European Central Bank reduced its main refinancing rate from 0.75 percent to 0.5 percent today. The rate sets what banks pay to borrow money for a week or more.
The interest rate cuts – the first change in interest rates in ten months – indicate Europe’s central bankers are concerned about falling inflation and rising unemployment in the euro zone.
The ECB also cut its rate for overnight borrowing from 1.5 percent to 1 percent. The central bank’s deposit rate remains at zero.

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