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By Rebecca Clancy | Published Aug 02, 2012

ECB holds rates at historic low

The European Central Bank (ECB) has held its interest rates this month after a cut to historically low levels at its last rate-setting meeting.

The bank’s rate-setting committee voted to hold the main interest rate at 0.75 per cent and the deposit rate at zero.

ECB president Mario Draghi is due to speak at a press conference later today in which it is expected the bank’s issue of monetary stimulus will be raised.

Last month the European central bank cut its main interest rate by 25 basis points to its lowest ever level to 0.75 per cent.

It also cut its deposit rate to zero in a bid to encourage banks to lend money to businesses and individuals instead of leaving it with the central bank where they will not earn any interest.

Earlier today the Bank of England voted to hold its QE programme at £375bn, following a £50bn boost last month, and held interest rates at 0.5 per cent.

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