PRESS RELEASE

Monetary policy decisions

6 March 2003

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

  1. The minimum bid rate on the main refinancing operations will be reduced by 0.25 percentage point to 2.50%, starting from the operation to be settled on 12 March 2003.
  2. The interest rate on the marginal lending facility will be reduced by 0.25 percentage point to 3.50%, with effect from 7 March 2003.
  3. The interest rate on the deposit facility will be reduced by 0.25 percentage point to 1.50%, with effect from 7 March 2003.

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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