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11/29/2023, 11:12 AM (Source: TeleTrader)
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ECB's Stournaras: Rate cuts unlikely before mid-2024

Member of the European Central Bank (ECB) Governing Council and Bank of Greece Governor Yannis Stournaras (pictured) told Politico in an interview published on Wednesday that the former institution is unlikely to cut interest rates before the middle of 2024.

Asked if that could happen in April, Stournaras responded such an assertion was a "bit optimistic." Still, he insisted that the ECB will reduce the rates only if inflation falls under 3% and continues to move stably to the target of 2%.

Furthermore, Stournaras said that the Bank of Greece estimated that the country's economy will see an annual growth of 2.4% in 2023 and 2.5% in 2024.

Baha Breaking News (BBN) / JR