ECB: Rates to stay at record low

THE European Central Bank yesterday offered further confirmation that interest rates are set to remain at their record low levels for the remainder of the year.

It left interest rates unchanged at 1% for the fourth month in a row yesterday, having dropped rates by 3.25% betweenOctober last year and May this year.

AIB economists said a further cut in interest rates seems “most unlikely” with leading economic indicators picking up in the eurozone and elsewhere. They also said that the ECB is unlikely to be in any hurry to hike rates again.