MOSCOW, September 8. /TASS/. The European Central Bank (ECB) raised three key interest rates by 75 basis points and anticipates their further growth, according to the regulator’s press release.
According to the statement, "The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to 1.25%, 1.50% and 0.75% respectively, with effect from 14 September 2022".
"The Governing Council today decided to raise the three key ECB interest rates by 75 basis points. This major step frontloads the transition from the prevailing highly accommodative level of policy rates towards levels that will ensure the timely return of inflation to the ECB’s 2% medium-term target. Based on its current assessment, over the next several meetings the Governing Council expects to raise interest rates further to dampen demand and guard against the risk of a persistent upward shift in inflation expectations. The Governing Council will regularly re-evaluate its policy path in light of incoming information and the evolving inflation outlook," the regulator said.
The ECB also lowered the forecast for EU GDP growth in 2023 from 2.1% to 0.9%, and raised the inflation forecast, at the end of 2022 - 8.1%, 2023 - 5.5%, 2024 - 2.3%.