BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European Central Bank left its interest rates unchanged on Thursday and confirmed that it will end the asset purchases under the massive EUR 2.6 trillion Asset Purchase Programme, or APP, in December.
The bank also said it is 'enhancing its forward guidance on reinvestment.'
'Accordingly, the Governing Council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when it starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favorable liquidity conditions and an ample degree of monetary accommodation,' the ECB said in a statement.
Till October, the bank maintained that it will reinvest bond sale proceeds 'for an extended period of time after the end of the net asset purchases'.
As expected, the Governing Council, led by Mario Draghi, left the key interest rates unchanged.
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.
'The Governing Council expects the key ECB interest rates to remain at their present levels at least through the summer of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term,' the bank said.
Draghi is set to hold his customary post-decision press conference at 8.30 am ET in Frankfurt.
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