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ECB Holds Rates Steady, Unveils New TLTRO Loans

The European Central Bank left its key interest rates unchanged, as expected, on Thursday and announced a new round of long-term loans for Eurozone banks to boost lending to the real economy.

The Governing Council, led by Mario Draghi, left the key interest rates unchanged after the policy session in Frankfurt.

The main refi rate is currently at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate is at 0.25 percent.

Eurozone interest rates were raised last in July 2011 by 25 basis points.

The bank said it will launch a new series of targeted longer-term refinancing operations, or TLTRO-III, starting in September 2019 and ending in March 2021, each with a maturity of two years.

ECB President Mario Draghi will hold his customary post-decision press conference at 8.30 am ET.

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