Following the results of today's meeting, the European Central Bank left the base interest rate on loans at zero, the deposit rate at minus 0.5%. The rate on margin loans was kept at 0.25%. All the decisions of the regulator coincided with the market forecasts. ECB representatives also announced the continuation of asset repurchases under the Pandemic Emergency Purchase Program (PEPP) in the first quarter of 2022. However, the pace of purchases will become more moderate than in the previous quarter, and the program will be discontinued at the end of March this year. At the same time, at least until the end of 2024, the central bank will reinvest proceeds from redeemable bonds under PEPP. The ECB Governing Council expects that key rates will remain at current levels or lower until inflation reaches 2% and will persist at this level until the end of the forecast period. Also, the European central bank will buy assets under the Asset Purchase Program (APP) in the amount of 40 billion euros per month in the second quarter of 2022, and in the third quarter the volume of purchases will be reduced to 30 billion euros. From October, the regulator will buy back assets within the APP for 20 billion euros monthly. The program will be completed shortly before the Central Bank starts raising key interest rates.
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