The European Central Bank (ECB) decided on Thursday to lower interest rates by 0.25 percentage points.
At the ECB Governing Council meeting in Frankfurt, it was decided that the overnight deposit facility rate would be reduced to 2.5%. The deposit facility rate is the interest rate used by the ECB Governing Council to steer the direction of its monetary policy stance.
The main refinancing operations rate has been lowered to 2.65%, while the overnight lending facility rate has been reduced to 2.9%, according to the ECB statement.
The new rates will take effect on the 12th of March.