European Central Bank cuts euro zone interest rate to record-low 0.5%

Written by on May 2, 2013 in Business, Europe, News - No comments

The European Central Bank governing council said on May 2 2013 that it was cutting its benchmark interest rate to 0.5 per cent, from 0.7 per cent, the first such cut in 10 months.

Meeting in Bratislava, the ECB governing council said that the interest rate on the main refinancing operations of the Eurosystem will be decreased by 25 basis points to 0.50 per cent, starting from the operation to be settled on May 8 2013.

The interest rate on the marginal lending facility will be decreased by 50 basis points to one per cent, with effect from May 8.

The interest rate on the deposit facility will remain unchanged at zero per cent.

(Photo: Miroslav Sárička/sxc.hu)

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