At a meeting on Thursday, the Governing Council of the European Central Bank (ECB) kept the benchmark interest rate at a record low of zero. The base rate has been at zero since March 2016. The regulator 's message reads: «The interest rate on the main refinancing operations and interest rates on margin loans and deposits will remain unchanged at 0.00%, 0.25% and minus 0.5%, respectively.» The ECB expects that rates will remain at current levels until inflation reaches the level of 2%. In addition, the central bank confirmed that in the first quarter of 2022 it will carry out asset repurchases under the PEPP anti-crisis program more slowly than in the previous quarter. The program is scheduled to be completed at the end of March. At the same time, the regulator said that under the usual APP program, it is planned to buy assets worth 40 billion euros in April, in May – only 30 billion, and in June – 20 billion. Earlier it was reported that the repurchase will amount to 40 billion euros per month throughout the second quarter, to 30 billion – will be reduced in the third quarter and only from October – to 20 billion euros monthly.
