Economy category powered by

ECB raises rates to 23-year high

10:09 - 28 July 2023

Economy

The European Central Bank has raised interest rates for the ninth consecutive time, while keeping the door open to further tightening.

After the latest increase by 25 basis points, the ECB’s deposit rate stands at 3.75%, its highest level since a similar level set in 2000, before euro banknotes and coins had even been put into circulation. The main refinancing rate was set at 4.25%.

Since last July, the ECB has increased its borrowing costs by a combined 425 basis points.

“Future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation to the 2% medium-term target,” the ECB said in a statement.

“The Governing Council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction,” it added.

News Feed

Read More

Announcement by CTC AUTOMOTIVE on VOLVO Airbag related Recall
Christodoulides: We are investing in EuroBasket 2025
Wizz Air connecting Cyprus with Europe's most romantic cities this Valentine's Day
Papanastasiou discusses ensuring a coherent EU trade and industrial policy in Warsaw
Chevron backs women entrepreneurs
Holy Metropolis of Limassol 's €379.5m Ayios Athanasios development on track for implementation
Parklane Resort announces Exclusive Spa Membership for multi-awarded Kalloni Spa
US-based international crypto player Kraken arrives in Cyprus via acquisition
Attica Bank's main shareholder wants Constantinos Herodotou as bank's Board Chairman
Finance Ministry calls for restraint towards avoiding supplementary budgets