Dutch parliament formally opposes 'tiered' ECB rates

Eren Sengezer FXStreet

Ahead of tomorrow's highly-anticipated European Central Bank (ECB) governing council meeting, Dutch parliament on Wednesday sent a formal letter to ECB President Mario Draghi to voice its opposition to the potential use of 'tiered' rates.

"The letter included a translation into English of a motion passed by Dutch parliament that says offering banks "tiered", or preferentially high, interest rates on deposits held at the ECB would be unfair to pension funds that are currently forced to invest at negative rates," Reuters reported.

The EUR/USD pair largely ignored this headline and looks to end the day in the negative territory near the 1.10 handle.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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