# ECB raises key rates to record, deposit facility hits 4.00% (Sept 2023)

Date: 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.

## Drivers

- Monetary Policy Tightening Stance: https://factrail.ai/drivers/econ-monetary-policy-tightening

## Sources

_Sources are listed on the canonical page._

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/econ-ecb-2023-rate-hike-deposit-4pct