ECB raises rates by 50 basis points - Breaking The News

ECB raises rates by 50 basis points

16 March

1 min read

EPA-EFE/RONALD WITTEK

The European Central Bank's (ECB) Governing Council announced in a statement on Thursday that it decided to increase the interest rates on the main refinancing operations, on the marginal lending facility and on the deposit facility by 50 basis points to 3.50%, 3.75% and 3%, respectively. The central bank stressed that price growth is estimated to stay "too high for too long."

The council is "monitoring current market tensions closely and stands ready to respond," the ECB pointed out, adding that the Eurozone "banking sector is resilient, with strong capital and liquidity positions."

The ECB emphasized that its instruments are "fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy."

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