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European Central Bank keeps key rate unchanged at record low zero percent

04 June 2020 16:44 (UTC +04:00)

The European Central Bank (ECB) said on Thursday it would keep the key rate at the record low level of zero percent, APA reports citing Sputnik.

"The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively," the ECB said in a press release.

The ECB announced it would increase the envelope for the COVID-19 pandemic emergency purchase programme by 600 billion euros ($674 billion) to 1.35 trillion euros.

"In response to the pandemic-related downward revision to inflation over the projection horizon, the PEPP expansion will further ease the general monetary policy stance, supporting funding conditions in the real economy, especially for businesses and households," the ECB said.