Due to high inflation, the European regulator raised key rates to the highest level since 2009.
The European Central Bank raised all three key interest rates by 75 basis points for the second time in a row, according to the ECB press service on Thursday, October 27.
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So, the base interest rate on loans increased to 2%, the rate on deposits – up to 1.5%, the rate on margin loans – up to 2.25%.
“The Board of Governors made its decision today and expects a further increase in interest rates to ensure a timely return of inflation to its medium-term target of 2%,” the statement said.
The ECB added that inflation remains too high and will remain above target for an extended period. In September, inflation in the euro area reached 9.9%.
Note that against the backdrop of the ECB’s decision, the euro rose above parity against the dollar for the first time in a month.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.