Published On: Thu, Sep 12th, 2019

European Central Bank cuts interest rates for first time since 2016 | Business News

The European Central Bank (ECB) has cut interest rates for the first time since 2016, while introducing a sweeping stimulus package in an attempt to kick-start a lacklustre eurozone economy and stave off recession.

The central bank announced that it had cut its deposit rate by 10 basis points (BPS) to an all-time low of -0.5%, and will restart quantitative easing at a pace of €20bn (£17.8bn) a month from November.

In a statement, the bank said that interest rates would “remain at their present or lower levels” until it had seen inflation reach acceptable levels.

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