Economy category powered by
ECB raises rates to 23-year high
10:09 - 28 July 2023
The European Central Bank has raised interest rates for the ninth consecutive time, while keeping the door open to further tightening.
After the latest increase by 25 basis points, the ECB’s deposit rate stands at 3.75%, its highest level since a similar level set in 2000, before euro banknotes and coins had even been put into circulation. The main refinancing rate was set at 4.25%.
Since last July, the ECB has increased its borrowing costs by a combined 425 basis points.
“Future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation to the 2% medium-term target,” the ECB said in a statement.
“The Governing Council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction,” it added.
News Feed
22 hours, 8 minutes ago People
Kyriakos Eleftheriou: Cyprus has plenty of grant money but it comes with constant oversight and strict conditions22 hours, 9 minutes ago Companies
Three new arrivals at Metropolis Mall including Cyprus' first Vero Moda store22 hours, 10 minutes ago Current Affairs
Deputy Minister celebrates traditional Cypriot products at the Resi Festival (pics)1 day, 13 hours ago People
Sir Stelios Haji-Ioannou announces acquisition of easyHotel.com by Tristan Capital Partners1 day, 13 hours ago Economy
Retail trade up 5.6% in both value and volume in March1 day, 14 hours ago Economy
Cyprus records €580.6m budget surplus in Q1 20251 day, 15 hours ago Real Estate
Altia: Successful Annual Business Lunch with Real Estate Partners