Business News - European banks hold to low interest rates

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European banks hold to low interest rates

LONDON (UPI) -- The European Central Bank and the Bank of England followed U.S. policy makers Thursday, electing to keep bank lending rates unchanged.

The ECB said its key lending rate would remain at 1 percent with an explanation scheduled for a press conference later in the day.

The BOE said it would keep rates at the historic low of 0.5 percent.

On Wednesday, the U.S. Federal Reserve said it would maintain lending at zero to 0.25 percent "for an extended period." The Fed's Open Market Committee said signs of a recovery lacked the critical component of a stronger job market.

The BOE's Monetary Policy Committee said "global activity as a whole remains significantly depressed," in spite of signs the economy is doing better.

Copyright 2009 by United Press International

This news arrived on: 11/05/2009

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