HEWU - European Central Bank hikes rate by another 25 bps to 3.75%

2023-07-27 08:36:03 ET

• As widely expected, European Central Bank (ECB) has announced a 25 basis point increase in its key interest rate, bringing its main rate to 3.75%. This will mark the ninth consecutive rate hike since the commencement of the ECB's tightening cycle in July 2022.
• The consumer price inflation rate in the Euro Area was confirmed at 5.5 percent in June 2023 from 6.1% in May, the lowest level since January 2022, mainly due to a decline in energy prices.
• "Inflation continues to decline but is still expected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It therefore today decided to raise the three key ECB interest rates by 25 basis points." the ECB said in a statement.
• Accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility will be increased to 4.25% and 4.50% respectively, with effect from 2 August 2023.
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• Press Release

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