ECB cuts deposit rate as expected, to announce more measures

December 3, 2015 1:04 PM

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ECB cuts deposit rate as expected, to announce more measures

FRANKFURT The European Central Bank cut its deposit rate on Thursday in its latest effort to revive lending and inflation in the euro zone and said it would announce further policy action later in the day.

As widely expected by analysts, the ECB cut its deposit facility to -0.30 percent from -0.20 percent, a move designed to stimulate lending by increasing the penalty on banks that leave their excess cash with the ECB.

Also read: ECB sets Banco Popular's 2017 capital level at 7.875 percent

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