11 Jan 2013

Interest rate held by ECB

6:07 am on 11 January 2013

The European Central Bank has left interest rates in the eurozone unchanged at 0.75%. Rates have now been at this level for six months after being cut from 1% in July.

Figures issued on Tuesday showed that the unemployment rate across the eurozone worsened in November, hitting a record high of 11.8%.

The economy of the bloc contracted by 0.1% between July and September, after shrinking 0.2% in the previous three months.

The Bank of England also announced on Thursday that it would keep its main interest rate on hold at 0.5%, where it has been since March 2009.

The BBC reports the Bank has injected £375 billion into the British financial system under a quantitative easing stimulus programme (QE), which is not being extended.