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2 central banks keep rates steady

October 09, 2009|Times Wire Reports

The European Central Bank and the Bank of England kept their key interest rates at record lows to support a recovery from the worst economic slump since World War II.

The ECB left the main rate at 1%. President Jean-Claude Trichet signaled in Venice that the ECB had no plans to raise borrowing costs, describing their level as "appropriate."

The British central bank kept its rate at 0.5% and maintained a plan to buy $278 billion of government bonds with newly created money.

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