The ECB raised its key interest rate for the eighth time in a row, by 25 basis points to a 22-year high of 3.5%.
The European Central Bank raised its key rate by 25 basis points to 3.5%, the highest level since 2001. This was reported by Reuters.
The agency notes that the European Central Bank is raising the rate for the eighth time in a row.
This time, the ECB explained the decision to raise the rate by the need to continue slowing inflation, which, according to its expectations, will remain above the target level of 2% until 2025.
Eurozone inflation is at 6.1%, and underlying price increases, which exclude food and energy, are just starting to slow.
The eurozone economy has entered recession due to the slowdown in Germany, but is expected to show moderate growth by the end of the year.
Unemployment in eurozone countries is at record lows, wage growth is accelerating, although it still lags inflation.
The Central Bank does not rule out a further increase in the discount rate in September this year.
Recall that the Board of the National Bank of Ukraine decided to keep the discount rate at 25%. This number has not changed in the past year.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.