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ECB Reduces Rates to 1.25%

Date: 02.04.2009

The European Central Bank (ECB) has cut interest rates in the eurozone to a record low of 1.25% from 1.5%, the BBC reported.

The cut is smaller than was widely expected. Most economists had predicted half a percentage point cut to 1%.

It is the sixth time the ECB has lowered its key rate since October 2008, when it stood at 4.25%, as it tries to boost economic activity.

The unemployment rate in the eurozone rose to 8.5% in February, its highest level in almost three years.

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