ECB holds rates steady

FRANKFURT - Agence France-Presse

The European Central Bank held its key interest rates steady, as expected yesterday, leaving eurozone borrowing costs at historic low levels.

The ECB’s policy-setting governing council voted to leave the rate for its main refinancing operations unchanged at 1.0 percent at its regular monthly meeting here.

 Earlier in London, the Bank of England also held its rates steady at a record low of 0.5 percent and said it would inject another £50 billion ($80 billion) into Britain’s weak economy. 

No changes in ECB rates had been expected this week following the recent rate cuts and the unprecedented amounts of liquidity pumped into the banking system to avert a possible credit crunch in the eurozone economy.