ECB cuts key rates in surprise move
FRANKFURT (AFP) - The European Central Bank surprised financial markets on Thursday by paring back its key interest rates even further to new all-time lows.
Amid growing concern the single currency area is on the verge of deflation, the ECB cut its central "refi" refinancing rate to 0.05 per cent from 0.15 per cent. It lowered the deposit rate to minus 0.20 per cent from minus 0.10 per cent and trimmed its marginal lending rate to 0.30 per cent from 0.40 per cent, it said in a statement.
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