ECB Retains Key Interest Rate At 1%

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Thursday, the European Central Bank held its key interest rate at a record low level of 1%. The decision was in line with economists' expectations.

The central bank also retained its interest rate on the marginal lending facility at 1.75% and that on the deposit facility at 0.25%.

The last change in the key interest rate was in May, when the bank cut the rate by 25 basis points to the current level of 1%. The bank has lowered the key interest rate by a total of three and a quarter percentage points since early October 2008.

The bank's President Jean-Claude Trichet and Vice President Lucas Papademos are set to hold their post-decision press conference at 8.30 a.m. ET.

Thursday, the European Central Bank held its key interest rate at a record low level of 1%. The decision was in line with economists' expectations. (Market News Provided by RTTNews)