ECB imposes negative interest rates!

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Octavius
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ECB imposes negative interest rates!

Post by Octavius »

The European Central Bank has imposed negative interest rates :ooh:
It has also reduced its deposit rate below zero, to -0.1%, which means commercial banks will have to pay to lodge their money with the central bank, rather than receive interest.

http://www.bbc.co.uk/news/business-27717594
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Octavius
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Re: ECB imposes negative interest rates!

Post by Octavius »

Thank God I don't live in the Eurozone :whew:
Banks will most likely pass these negative interest rates on to consumers, or at least try to. They may try to do so not by explicitly charging a negative interest rate, but by paying no interest and charging a fee for account maintenance.
So for example if you have £2,000 in your bank account, the bank may charge you -1% to keep that money with the bank :shock: Expect gold prices to go up :|
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