European Bank Cuts Key Rate by a Quarter Point

The European Central Bank cut its benchmark interest rate to 1.25 percent from 1.5 percent Thursday, a smaller move than was expected by most analysts, and announced additional steps to try to revive bank lending.

Since October, the bank has cut the rate six times by a total of two and a half points.

The central bank also cut two of its other official interest rates in a bid to spur bank activity in the money markets and bolster inter-bank lending. It lowered its deposit rate, to 0.25 percent from 0.5 percent, and cut its marginal lending rate to 2.25 percent from 2.5 percent.

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- Posted: 2009-04-02 08:13:24

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