The deposit rate, which is the benchmark, is increased to 4.0%, a level never reached in the history of the institution.
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The European Central Bank (ECB) raised its key rates by 0.25 points on Thursday September 14. It is the tenth increase in a row as part of its monetary tightening policy to combat inflation in the euro zone. The largest increase in the history of the institution. Policy rates influence the interest rate at which commercial banks lend to their customers.
“Inflation continues to slow, but is still expected to remain too high for too long a period of time”, announced the institution in a press release. The deposit rate, which is the benchmark, is raised to 4.0%, a level never reached since the launch of the single currency in 1999. The refinancing rate and the marginal lending facility rate are respectively at 4.50 % and 4.75%.