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1st LD: ECB QE policy to start on March 9

Xinhua, March 5, 2015 Adjust font size:

The European Central Bank (ECB) said on Thursday that its quantitative easing program (QE) will start on March 9.

The announcement was made by ECB President Mario Draghi after a meeting of its Governing Council in the Cypriot capital of Nicosia.

Draghi said ECB will purchase Eurogroup member countries bonds until at least September, 2016 worth an estimated 1.1 trillion euros.

"We will on 9 March, 2015, start purchasing euro-dominated public sector securities in the secondary market. We will also continue to purchase asset backed securities and covered bonds which we started last year," Draghi told journalists at a press conference at the end of the ECB meeting.

The purchase of sovereign debt will start in a bid to accelerate growth in the euro zone which started picking up after Draghi first presented his program on January 22. Endit