URGENT: ECB announces 1st rate cut in 5 years

The European Central Bank (ECB) announced on Thursday a 25-basis-point cut in key interest rates for the first time in five years, according to the bank’s statement.

Specifically, the interest rate on main refinancing operations, as well as the rates on the marginal lending facility and the deposit facility, will be adjusted to 4.25 per cent, 4.5 per cent, and 3.75 per cent, respectively, effective June 12.

This decision aims to influence economic conditions and monetary policy.