The European Central Bank left key interest rates unchanged, which coincided with the expectations of analysts and market participants. The base loan rate is 4.25%, the deposit rate is 3.75%, and the margin loan rate is 4.5%. The ECB leadership stressed that it will continue to monitor incoming statistical data and make decisions on rates at each meeting separately, without having a predetermined plan for a specific level of rates in the future. «The ECB's Governing Council is determined to achieve a timely slowdown in inflation to the medium-term target of 2%. We will keep key rates at a fairly restrictive level for as long as it takes to achieve this goal,» the regulator said in a statement. The ECB also confirmed its intention to reduce its portfolio of securities acquired under the emergency asset purchase program (PEPP) by an average of 7.5 billion euros per month. The completion of the reinvestment of proceeds under PEPP is planned for the end of 2024.
