Arab Canada News
News
Published: September 8, 2022
The European Central Bank announced today, Thursday, an unprecedented interest rate hike of 75 basis points.
This increase came to curb inflation, despite the rising likelihood of the European bloc entering a recession.
The ECB raised the deposit interest rate from zero to 0.75 percent, and raised the main refinancing rate to 1.25 percent, its highest level since 2011.
The bank said in a statement: "During the upcoming meetings, the Governing Council is expected to raise interest rates further to reduce demand and avoid the possibility of continued upward trend in inflation expectations."
Tuesday, 01 July 2025
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