ECB Drops Deposit Rate Deeper Into Negative Territory To -0.30%

(Kitco News) - The Governing Council of the European Central Bank dropped its deposit rate further into negative territory Thursday.

Following its monetary policy meeting the central bank announced that it dropped its deposit facility rate by 10 basis points to negative 0.30%, from negative 0.20%.

The interest rate on the main refinancing operations and the interest rate on the marginal lending facility were left unchanged at 0.05% and 0.30% respectively.

ECB President Mario Draghi is scheduled to comment on the considerations underlying these decisions at a press conference Thursday. Investors and traders will be watching to see whether he signals that additional stimulus is needed.

By Neils Christensen of Kitco News; nchristensen@kitco.com
Follow Neils Christensen @neils_C