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ECB holds rates but extends bond-buying

AAP logoAAP 8/12/2016

The European Central Bank is launching another round of monetary stimulus by agreeing to a six-month extension of its monthly bond-buying programme.

Instead of the current 80 billion euros per month ($A115 billion), the ECB said it plans to spend from April next year 60 billion euros per month buying bonds under its quantitative easing scheme.

The scheme is now set to expire December. It had previously been due to come to an end in March.

The Frankfurt-based ECB also decided to hold the its benchmark refinancing rate at zero, its deposit rate at negative 0.4 per cent and the marginal lending rate at positive 0.25 per cent.

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