Policymakers who set interest rates for the 20 countries that use the euro have lowered rates in back-to-back meetings for the first time since 2011.

The European Central Bank, which sets interest rates for the 20 countries that use the euro currency, does not expect the bloc to slide into recession as it cut borrowing costs once again Thursday in the wake of recent data showing inflation across the bloc falling to its lowest level in more than three years,

Following the September policy meeting, the ECB decided to lower the interest rate on the marginal lending facility to 3.9% from 4.5% and the deposit facility, also known as the benchmark interest rate, by 25 basis points (bps) to 3.5%. The ECB also cut the interest rate on the main refinancing operations by 60 bps to 3.65%.

The European Central Bank has made 25-basis point cuts on its three key interest rates.

Chile's central bank on Thursday said it was cutting its benchmark interest rate to 5.25% from a previous level of 5.50%, in a unanimous decision in line with analysts forecasts. The bank said that if the economic scenario envisaged in its September report materialize,

The bank’s rate-setting council said the "disinflationary process is well on track.”

European Central Bank cuts its main interest rate by a quarter-point to 3.25% as inflation falls below its target