Press Release: Monetary policy decisions

At its meeting on 5 December 2002 the Governing Board of the European Central Bank decided to reduce by 0.5% to 2.75% the minimum bid rate on the main refinancing operations starting from the operation to be settled on 11 December 2002. The interest rate on the marginal lending facility will be reduced by 0.5% to 3.75%, with effect from 6 December 2002. The interest rate on the deposit facility will be reduced by 0.50% to 1.75%, with effect from 6 December 2002.

The reference value for the annual growth rate of the broad monetary aggregate M3 will remain at 4.5%.

• Primary Source

http://www.ecb.int/press/pr/activities/ecb/html/index.en.html http://www.ecb.int/press/pr/activities/ecb/html/index.en.html

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