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ECB lowers base interest rate to 3.65% per annum from 4.25%

The regulator notes that the incoming inflation data in the eurozone are in line with the ECB's expectations and the forecasts presented in June

MOSCOW, September 12. /TASS/. The Governing Council of the European Central Bank (ECB) has decided to lower three key interest rates, as follows from a statement published following a meeting of the regulator's Governing Council.

The base interest rate has been lowered from 4.25% to 3.65% per annum, the deposit facility rate is now 3.5%, and the ECB short-term loan rate is 3.9%.

"Based on the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission, it is now appropriate to take another step in moderating the degree of monetary policy restriction," the statement says.

The regulator notes that the incoming inflation data in the eurozone are in line with the ECB's expectations and the forecasts presented in June. Thus, the average price growth in 2024 will be 2.5%, in 2025 - 2.2%, and in 2026 - 1.9%. The core inflation forecast for 2024 and 2025 was slightly revised upwards, but ECB experts still expect a rapid decline in the indicator from 2.9% this year to 2.3% in 2025 and 2% in 2026. At the same time, the economic growth forecast was revised downwards. According to it, GDP in the eurozone will grow by 0.8% in 2024, to 1.3% in 2025 and 1.5% in 2026.

"Financing conditions remain restrictive, and economic activity is still subdued, reflecting weak private consumption and investment," the ECB says.

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