Euro interest rates hold at 4%

August 05, 2007

The ECB has held fire on raising rates amid current credit concerns.

The European Central Bank (ECB) has given the markets a reprieve by leaving eurozone interest rates on hold at 4% for the second month in a row.

The move should alleviate some of the fears over the economic impact of the rise in the cost of borrowing over the past two years.

The Bank of England's rate-setting body also kept interest rates on the hold in the UK at their current level of 5.75%.

But in the UK, borrowing costs are widely expected to rise again to 6% before the end of the year.

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