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ECB raises key interest rates by 75 basis points

ECB raises key interest rates by 75 basis points

Arab Finance: The European Central Bank’s (ECB) Governing Council has decided to raise the three key interest rates by 75 basis points, according to a press release on September 8th.

The interest rate on the main refinancing operations will rise to 1.25%, while the interest rates on the marginal lending facility and the deposit facility will increase to 1.50% and 0.75%, respectively.

The new increases in rates will be effective as of September 14th.

“Following the raising of the deposit facility rate to above zero, the two-tier system for the remuneration of excess reserves is no longer necessary. The Governing Council therefore decided today to suspend the two-tier system by setting the multiplier to zero,” the release added.

The ECB staff also upgraded their forecasts for inflation rate to an average of 8.1% in 2022, 5.5% in 2023, and 2.3% in 2024.

 

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