ECB cuts rates to record low of 0.75%
18:15, 5 July 2012
LONDON. July 5. KAZINFORM The European Central Bank (ECB) has reduced its key interest rate from 1% to 0.75%, a record low for the eurozone.
The move comes as the eurozone economy continues to be weak.
The ECB also cut its deposit rate, from 0.25% to zero.
It follows news earlier this week that the eurozone's service sector continued to shrink in June and business confidence plunged according to surveys compiled by Markit.