The Governing Council of the European Central Bank (ECB) made the decision to increase the three key interest rates by 50 basis points and signaled their further growth, the ECB said in its press release, Trend reports citing TASS.
"The Governing Council decided to raise the three key ECB interest rates by 50 basis points. Accordingly, 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 3.00%, 3.25% and 2.50% respectively," the ECB said. New rates will be in effect from February 8, 2023.
"The Governing Council will stay the course in raising interest rates significantly at a steady pace and in keeping them at levels that are sufficiently restrictive to ensure a timely return of inflation to its 2% medium-term target," the regulator noted.
"In view of the underlying inflation pressures, the Governing Council intends to raise interest rates by another 50 basis points at its next monetary policy meeting in March and it will then evaluate the subsequent path of its monetary policy," the ECB added.