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ECB Leaves Rates Unchanged After September Cut

The European Central Bank on Thursday left its key interest rates unchanged at a record low, in line with economists' expectations, after reducing them in a surprise move last month.

The Governing Council, led by President Mario Draghi, held the refinancing rate at a record low 0.05 percent, following its policy meeting in Naples, Italy.

The bank today kept the deposit rate at -0.20 percent and the marginal lending rate was maintained at 0.30 percent.

The three main interest rates were lowered by 10 basis points in September as euro area inflation is set to slow in the coming months.

The bank had slashed the deposit rate from zero to negative in June, which in effect meant charging Eurozone banks for parking excess funds at the ECB, which was a first for a leading central bank.

Draghi is set to hold his customary post-decision press conference at 8.30 am ET. The bank is expected to reveal the details of the scheme to buy asset-backed securities and covered bonds.

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