ECB Cuts Rates; Main Refinancing Rate 0.25%

The European Central Bank announced its Governing Council cut interest rates 25 basis points on its main refinancing rate at its latest monetary policy meeting Thursday.

The minimum bid rate on variable-rate refinancing operations was dropped to 0.25% from 0.50%, the marginal lending rate was cut to 0.75% from 1.00% and the deposit rate, the floor for euro money market rates, was held at zero.

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