ECB expands pandemic purchase program by 600 bln euros

Sat, 11 Jul 2020

ECB expands pandemic purchase program by 600 bln euros

Xinhua
04 Jun 2020, 22:57 GMT+10

European Central Bank (ECB) President Christine Lagarde speaks at a press conference at the ECB headquarters in Frankfurt, Germany, March 12, 2020. (ECB/Handout via Xinhua)

The European Central Bank expands its PEPP bond-buying program to 1.35 trillion euros.

FRANKFURT, June 4 (Xinhua) -- The European Central Bank (ECB) announced on Thursday that it decided to expand its pandemic emergency purchase program (PEPP) by 600 billion euros (673 billion U.S. dollars) to a total of 1,350 billion euros.

The horizon for net purchases under the PEPP will be extended to at least the end of June 2021, the ECB said in a statement after its monetary policy meeting. Previously the program was expected to last till the end of this year.

"In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over," the central bank noted.

The maturing principal payments from securities purchased under the program will be reinvested until at least the end of 2022, it added.

Euro area key interest rates were kept unchanged. The eurozone base interest rate will remain at 0.00 percent, with the marginal lending rate and deposit rate remaining at 0.25 percent and minus 0.50 percent, respectively, according to the statement. ■

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Irish Sun.

More Information

13 ℃

Mostly Cloudy in Dublin

International

Section

North Korea shows little interest in another meeting with Donald Trump

SEOUL, South Korea - North Korea says the chances are low for another summit with the United States, after President ...

More than 100 nations have active force of military drones

GENEVA, Switzerland - A U.S. drone strike that killed Iran's top general, Qassem Soleimani, at Baghdad International Airport in January ...

Record 60,000 daily deaths in U.S. sweeps world tally past 12 million

NEW YORK, New York - A record 60,000 new cases recorded in a single day in the United States on ...

Attack on Japanese base in 1938 carried out by Soviets, not U.S.

In 1938, the Americans took credit for an unprecedented Soviet air raid on a Japanese air force base in Taiwan ...

Chinese government backs WHO, slams United States

TEHRAN (Tasnim) - China on Wednesday defended the World Health Organization and lashed out at the US decision to withdraw ...

Bullying of International court and Bank of England laid bare

On January 9, 2020, Ambassador Karen Pierce-the United Kingdom's permanent representative to the United Nations-spoke at a meeting on the ...

Europe

Section

Pakistani pilots suspect qualifications lead to PIA ban from U.S.

LAHORE, Pakistan - The US Department of Transportation on Thursday (local time) suspended Pakistan International Airlines' (PIA) special permit into ...

Interceptor 650 becomes second-bestselling two-wheeler in UK

CHENNAI, India - Chennai-based motorcycle manufacturer Royal Enfield launched the 650 Twins, Interceptor and Continental GT back in 2018 at ...

More COVID-19 Cases in Syria's Overcrowded Rebel Enclave

BEIRUT - At least two doctors in Syria's opposition-held northwest have been infected with the coronavirus, according to a monitoring ...

Carlo Ancelotti relishing Toffees' challenge

Carlo Ancelotti admits it is a challenge to make Everton competitive with the Premier League's 'Big Six' but it will ...

UN, ICRC gives humanitarian aid to eastern Ukraine

Kiev [Ukraine], July 11 (Xinhua/ ANI): The International Committee of the Red Cross (ICRC) and the United Nations (UN) have ...

Pak no longer retains same strategic firm

Amsterdam [Netherlands], July 11 (ANI): Pakistan's regional machinations no longer serve a strategic purpose for the United States as it ...

Movie Review

Knives Out