FRANKFURT (MktNews) - The European Central Bank, as expected, left unchanged all official interest rates at the latest meeting of its policy-making Governing Council, the central bank announced Thursday.
The ECB left unchanged the minimum bid rate on its variable-rate refinancing (refi) operation at 4.75%, the deposit rate -- which forms the floor for euro money market rates -- at 3.75%, and the marginal lending rate -- which forms the ceiling -- at 5.75%.
The ECB last raised rates by 25 basis points after its meeting on October 5. That was the seventh hike since November 1999, representing a cumulative 225 basis points' worth of monetary tightening in the period.
Most analysts believe the ECB will cut interest rates in the first half of this year. Others expect the ECB to cut later in the year or leave rates unchanged for the full year.
ECB President Wim Duisenberg will hold a press conference starting at 13:30 GMT today, with analysts keenly watching for any clues that the ECB is starting to consider an interest rate cut.
The ECB Governing Council is next scheduled to meet on March 15 in Dublin, Ireland. The ECB council normally meets at a location outside Frankfurt twice a year.
President Duisenberg is expected to hold a press conference following the Dublin meeting, as well.