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Dublin Live
Dublin Live
National
Kim O'Leary

ECB announces major increase in eurozone interest rates

ECB Interest Rates eurozone Inflation Dublin

The European Central Bank (ECB) has today lifted interest rates across the eurozone by a record amount, in a bid to curb inflation.

The ECB lifted its deposit rate to 0.75% from zero and raised the main refinancing rate to 1.25%, which is their highest level since 2011. This pushes the ECB’s ‘main refinancing rate’ to 1.25%, up from 0.5%, while the ‘marginal lending rate’ paid by banks borrowing from the ECB goes up to 1.25%.

The ECB said in a statement: "The Governing Council took today’s decision, and expects to raise interest rates further, because inflation remains far too high and is likely to stay above target for an extended period. According to Eurostat’s flash estimate, inflation reached 9.1% in August.

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