European Central Bank reduces interest rate

London - The European Central Bank (ECB) Thursday said it is reducing its key interest rate from its highest ever of 4 per cent to 3.75 per cent.اضافة اعلان

According to the BBC, ECB became the second major global economy to reduce interest rates this week as it made progress in tackling inflation, after Canada's decision yesterday to reduce interest rates.

The BBC reported that the ECB's move comes at a time when voters are heading to the polls to hold elections at the EU level during the next four days, and the result is expected to reflect people's dissatisfaction with the pressures of the costs of living.

ECB President Christine Lagarde said the inflation expectations have improved "significantly," paving the way for lower interest rates.

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