Monetary Policy Tightening Stancemonetary policy
0.75Strengthened
policyverifiedconfidence: high
ECB raises key rates to record, deposit facility hits 4.00% (Sept 2023)
On 14 September 2023 the European Central Bank raised its three key interest rates by 25 basis points, taking the deposit facility rate to 4.00%, the main refinancing rate to 4.50% and the marginal lending rate to 4.75% (effective 20 September 2023), citing inflation that remained too high for too long. It was the culmination of a tightening cycle begun in July 2022.
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What happened
On 14 September 2023 the European Central Bank raised its three key interest rates by 25 basis points, taking the deposit facility rate to 4.00%, the main refinancing rate to 4.50% and the marginal lending rate to 4.75% (effective 20 September 2023), citing inflation that remained too high for too long. It was the culmination of a tightening cycle begun in July 2022.
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