A decrease in the benchmark interest rate has been announced by The European Central Bank, reducing it to 0.15%.
The bank is lowering the rate from 0.25% in an effort to stimulate economic growth and avoid deflation in the Eurozone.
The European Central Bank has also reduced its deposit rate below zero, to -0.1%,to encourage the banks to lend to businesses, thereby stimulating growth and trying to stave off deflationary pressures. It is the first of the biggest four banks to make this move.
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Meanwhile, the record low bank rate in the UK has been kept at 0.5%.
The Bank of England last reduced its Bank Rate by 0.5 percentage points to 0.5% in March 2009 and it has remained unchanged since.
The Bank of England's Monetary Policy Committee at its meeting today also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.