PRESS RELEASE

Monetary policy decisions

4 November 1999

At today's meeting the Governing Council of the ECB took the following monetary policy decisions:

  1. The interest rate on the main refinancing operations of the Eurosystem will be raised by 0.5 percentage point to 3%, with effect from the operation to be settled on 10 November 1999.
  2. The interest rate on the marginal lending facility will be raised by 0.5 percentage point to 4%, with effect from 5 November 1999.
  3. The interest rate on the deposit facility will be raised by 0.5 percentage point to 2%, with effect from 5 November 1999.

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. today.

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