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Oct 7, 2008, 11:15 GMT

ECB injects more cash into troubled financial markets

Frankfurt - The European Central Bank (ECB) on Tuesday provided 250 billion euros (338 billion dollars) to commercial banks in a regular one-week loan at an interest rate of 4.99 per cent. The move followed a similar loan of 190 billion euros last week at 4.96 per cent interest. The ECB has been injecting funds into the market because banks are reluctant to lend to each other during the present uncertainty, but is charging higher interest than its own key rate of 4.25 per cent. In addition to the weekly loan, the ECB also pumped 50 billion dollars into interbank money markets, the same amount as Monday. The action is designed to ease pressure on banks running short of dollars.

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