2/2, 2:15 PM (Source: TeleTrader)
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ECB hikes key interest rates by 50 bps

The European Central Bank (ECB) said Thursday that it had decided to increase its key interest rates by 50 basis points to guarantee a timely return of inflation to its 2% medium-term target. In addition, the Governing Council added it plans to raise interest rates by another 50 basis points at its next policy meeting in March and then will assess the subsequent path of its monetary policy.

From February 8, 2023, the interest rate on the main refinancing operations will stand at 3.00%, while the interest rates on the marginal lending facility and the deposit facility will be at 3.25% and 2.50%, respectively.

Besides, the Governing Council determined to reduce the asset purchase programme (APP) by €15 billion per month "on average from the beginning of March until the end of June 2023, and the subsequent pace of portfolio reduction will be determined over time."

Baha Breaking News (BBN) / JG