The European Central Bank kept its monetary policy unchanged in today’s meeting, as the bank kept interest rates at their current zero levels, as was the expectation that they will remain at their current levels until inflation rates rise. The bank announced in its statement issued today that the bank will continue its current PEPP purchase program with a total of 1.850 billion euros until at least March of next year, while confirming that the APP net purchase program will continue at a monthly rate of about 20 billion euros as long as there is a necessary need. On the other hand, European Central Bank Governor Christine Lager announced in the press conference after the statement that there are inflationary pressures due to temporary effects in addition to the rise in energy prices, and that the bank expects inflation to rise by 1.1% during the current year and to 1.3% next year, and to reach 1.4% during year 2023. Lagarde expects the eurozone economy to grow by about 4.7% next year, before returning to 2.1% levels in 2023.
07/11/2024
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