ECB leaves interest rates unchanged at October 2016 meeting

Author: Ryan Littlestone | Category: Central Banks

ECB governing council meeting announcement 20 October 2016

  • Main refinancing rate 0.0%
  • Deposit rate -0.40%
  • Marginal lending rate 0.25%
  • QE unchanged at €80bn per month
  • Repeats: QE to run to March 2017 or beyond if necessary

PRESS RELEASE

Monetary policy decisions

20 October 2016

At today's meeting the Governing Council of the ECB decided that 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 -0.40% respectively. The Governing Council continues to expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases.

Regarding non-standard monetary policy measures, the Governing Council confirms that the monthly asset purchases of €80 billion are intended to run until the end of March 2017, or beyond, if necessary, and in any case until it sees a sustained adjustment in the path of inflation consistent with its inflation aim.

Word for word the same as last month. EURUSD ticked up through resistance at 1.0980 to 1.0987 and trades at 1.0980.

A reminder that you can watch the presser here.

A quick heads up. BOE's Shafik is due to speak on a panel in NY at the top of the hour.

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