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MNI (London)
     LONDON (MNI) - Below is the text release by the European Central Bank's
Governing Council 
     Monetary policy decisions
     =================================================================
     July 26
     At today's meeting the Governing Council of the ECB decided that the
interest rate on the main refinancing operations and the interest rates on the
marginal lending facility and the deposit facility will remain unchanged at
0.00%, 0.25% and -0.40% respectively. The Governing Council expects the key ECB
interest rates to remain at their present levels at least through the summer of
2019, and in any case for as long as necessary to ensure the continued sustained
convergence of inflation to levels that are below, but close to, 2% over the
medium term.
     Regarding non-standard monetary policy measures, the Governing Council will
continue to make net purchases under the asset purchase programme (APP) at the
current monthly pace of E30 billion until the end of September 2018. The
Governing Council anticipates that, after September 2018, subject to incoming
data confirming the Governing Council's medium-term inflation outlook, the
monthly pace of the net asset purchases will be reduced to E15 billion until the
end of December 2018 and that net purchases will then end. The Governing Council
intends to reinvest the principal payments from maturing securities purchased
under the APP for an extended period of time after the end of the net asset
purchases, and in any case for as long as necessary to maintain favourable
liquidity conditions and an ample degree of monetary accommodation.
     The President of the ECB will comment on the considerations underlying
these decisions at a press conference starting at 14:30 CET today.
     European Central Bank Directorate General Communications
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$X$$$,MC$$$$,MT$$$$,M$$EC$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com